ET Net News Agency reported on the 2nd: US stocks fluctuated on Thursday (1st), the first trading day of October, as investors digested the impact of the latest US economic data and the sharp decline in the bond market. The yield on the US 10-year Treasury note rose as high as 5.34%, the highest level in over 24 years since 2002. US stocks turned from gains to losses in early trading but gradually recovered late in the session, with the three major indices closing slightly higher.
The Dow Jones closed up 20.51 points, or 0.04%, at 50,926.56 points; the S&P 500 rose 14.91 points, or 0.19%, to 7,666.45 points; the Nasdaq gained 10.53 points, or 0.04%, to 26,871.6 points.
Among large technology stocks, Nvidia (US.NVDA) rose 1.1%, Google (US.GOOG) fell 1.7%, SpaceX (US.SPCX) dropped 1.9%, Tesla (US.TSLA) declined 0.2%, Meta (US.META) gained 0.1%, Apple (US.AAPL) fell 0.8%, and Amazon (US.AMZN) dropped 0.4%. Micron (US.MU) rose over 3% after reporting quarterly earnings.
On the macroeconomic front, the US Department of Labor reported that the number of initial jobless claims for the week ended September 26 decreased by 1,000 from the previous week to 197,000, below the market expectation of 200,000; the number of continuing claims for the week ended September 19 also fell by 11,000 to 1.701 million. The data indicate that the labor market remains resilient.
US manufacturing activity in September also maintained expansion. The Institute for Supply Management (ISM) reported that the manufacturing Purchasing Managers' Index (PMI) slightly declined from 54.6 in August to 54.5 in September, slightly below market expectations of 55, but remained above the 50 expansion level for consecutive months.
In the bond market, the yield on the US 10-year Treasury note rose as high as 5.34% on Thursday, the highest since 2002, before retreating to around 5.27%. The sharp rise in long-term bond yields prompted markets to reassess the impact of US inflation, energy prices, and fiscal deficits on the Federal Reserve's interest rate policy.
*The US dollar remained strong, the yen fell to 158.4 level*
In the foreign exchange market, the US dollar remained strong, with the US Dollar Index rising above the 102 level during the session, trading around 102.07, up approximately 0.6% on the day. The US dollar strengthened against the yen, rising as high as around 158.4, putting pressure on the yen. The US dollar-yen traded at 158.05, up 0.4%. The euro against the US dollar fell below the 1.13 level, hitting a 17-month low, dragged down by weakening European bond markets and inflation concerns; it dropped nearly 0.8% on the day to 1.1239.
*Brent crude futures returned above $100*
In the commodities market, oil prices continued to rise. Brent crude futures rose back above $100 per barrel as the market continued to monitor developments in the Middle East situation and US-Iran talks; Brent crude was quoted at $102.6 per barrel, up 4.6%; New York crude futures were at $93.23 per barrel, up 3.1%.
Spot gold traded in a narrow range amid rising US dollar and Treasury yields, gaining about 0.5% to $4,177; New York gold futures also rose about 0.5% to $4,209. (yc)
The Dow Jones closed up 20.51 points, or 0.04%, at 50,926.56 points; the S&P 500 rose 14.91 points, or 0.19%, to 7,666.45 points; the Nasdaq gained 10.53 points, or 0.04%, to 26,871.6 points.
Among large technology stocks, Nvidia (US.NVDA) rose 1.1%, Google (US.GOOG) fell 1.7%, SpaceX (US.SPCX) dropped 1.9%, Tesla (US.TSLA) declined 0.2%, Meta (US.META) gained 0.1%, Apple (US.AAPL) fell 0.8%, and Amazon (US.AMZN) dropped 0.4%. Micron (US.MU) rose over 3% after reporting quarterly earnings.
On the macroeconomic front, the US Department of Labor reported that the number of initial jobless claims for the week ended September 26 decreased by 1,000 from the previous week to 197,000, below the market expectation of 200,000; the number of continuing claims for the week ended September 19 also fell by 11,000 to 1.701 million. The data indicate that the labor market remains resilient.
US manufacturing activity in September also maintained expansion. The Institute for Supply Management (ISM) reported that the manufacturing Purchasing Managers' Index (PMI) slightly declined from 54.6 in August to 54.5 in September, slightly below market expectations of 55, but remained above the 50 expansion level for consecutive months.
In the bond market, the yield on the US 10-year Treasury note rose as high as 5.34% on Thursday, the highest since 2002, before retreating to around 5.27%. The sharp rise in long-term bond yields prompted markets to reassess the impact of US inflation, energy prices, and fiscal deficits on the Federal Reserve's interest rate policy.
*The US dollar remained strong, the yen fell to 158.4 level*
In the foreign exchange market, the US dollar remained strong, with the US Dollar Index rising above the 102 level during the session, trading around 102.07, up approximately 0.6% on the day. The US dollar strengthened against the yen, rising as high as around 158.4, putting pressure on the yen. The US dollar-yen traded at 158.05, up 0.4%. The euro against the US dollar fell below the 1.13 level, hitting a 17-month low, dragged down by weakening European bond markets and inflation concerns; it dropped nearly 0.8% on the day to 1.1239.
*Brent crude futures returned above $100*
In the commodities market, oil prices continued to rise. Brent crude futures rose back above $100 per barrel as the market continued to monitor developments in the Middle East situation and US-Iran talks; Brent crude was quoted at $102.6 per barrel, up 4.6%; New York crude futures were at $93.23 per barrel, up 3.1%.
Spot gold traded in a narrow range amid rising US dollar and Treasury yields, gaining about 0.5% to $4,177; New York gold futures also rose about 0.5% to $4,209. (yc)
