- US stocks turn mixed, closing near session highs, as the 10-year Treasury yield gave up most gains.
- Oil traded mixed, with Brent crude falling for the first time in three sessions, while gold dropped.
- Bitcoin tested a new price record ahead of a futures ETF launch on Tuesday.
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US stocks closed mixed Monday, near session highs, as the benchmark 10-year Treasury yield and oil prices give up most of their early gains.
The Dow Jones Industrial Average shed just over 36 points at the start of the trading week. Only five of its 11 major sectors closed higher, led by consumer discretionary and technology.
However, the benchmark S&P 500 and the tech-heavy Nasdaq Composite gained, lifted by Apple, which closed slightly higher after the tech giant unveiled new Mac laptops. All three major indexes opened lower but somewhat rebounded throughout the trading day.
Here’s where US indexes stood at the 4:00 p.m. ET close on Monday:
- S&P 500: 4,486.48, up 0.34%
- Dow Jones Industrial Average: 35,258.61, down 0.10%
- Nasdaq Composite: 15,021.81, up 0.84%
The 10-year Treasury yield edged up to 1.584% from Friday’s 1.577%, but were down from 1.619% early Monday. Yields rise when prices fall.
The crises in commodities continued to hound global markets, particularly the ongoing energy crunch. OPEC+ failed to meet output targets, sources told Bloomberg. And Russia decided not to send more natural gas to Europe, causing prices to rise.
But oil prices finished mixed. West Texas Intermediate crude tacked on 0.2% to settle at $US82.44 ($AU111) per barrel. Brent oil, the international benchmark, slipped 0.72% to $US84.25 ($AU114), marking its first drop in three sessions. Last week, it notched its eighth consecutive week of gains in what is so far its longest streak since a 10-week period through April 1999.
Investors continue to anticipate inflationary pressures that could compound further ahead of holiday demand amid supply-chain bottlenecks and labor shortages.
Outside the US, China’s economy expanded by 4.9% in the third quarter, according to data from the nation’s National Bureau of Statistics. The growth was slower than the 7.9% rise the country had in the previous quarter and was the nation’s weakest pace since the third quarter of 2020.
Industrial output posted its worst performance since the start of the pandemic, made worse by power shortages, supply-chain woes, and debt problems in its property sector.
In cryptocurrencies, bitcoin surged 5.5% to $US62,667 ($AU84,468) ahead of an imminent exchange-traded fund debut on Tuesday. Some on Wall Street, including hedge fund chief Mark Yusko, think bitcoin is “overbought” as excitement keeps pushing the price higher. He said the asset might be shaping up for a pullback.
Altcoin prices were mixed. Ethereum, cardano, and litecoin each fell about 1% while meme-inspired dogecoin and shiba inu coin each jumped 7%.
Meanwhile, New York Attorney General Letitia James ordered the shutdown of two cryptocurrency lending platforms for “unlawful activities” and directed the investigation of three others. All the firms’ names were redacted. However, initial reporting from The Block showed the letters labeled as “Nexo Letter” and “Celsius Letter.”
Gold dropped 0.29% to $US1,765.77 ($AU2,380) per ounce.