Market Updates
Stock Rally Fades After Two-day Surge, Yields Spike Back Up
Barry Adams
05 Oct, 2022
New York City
Benchmark indexes trend lower after two days of market rally on the hopes that the Fed may have gone too far in hiking rates.
The S&P 500 index traded down 0.86% and the Nasdaq Composite index dropped 1.06%.
Crude oil rose 25 cents to $86.79 a barrel and natural gas prices fell 13 cents to $6.70 a thermal unit.
The yield on 2-year Treasury notes rose to 4.13%, 10-year Treasury notes inched up to 3.69% and 30-year bonds edged up to 3.74%.
European Markets Turn Lower
European markets traded lower after two days of rally and recession worries were in focus after business activities in the euro zone declined more than expected.
The Purchasing Managers' Index dropped to a 20-month low 48.1 in September from 48.9 in August, S&P Global said Wednesday.
The seasonally adjusted index for the UK declined to 49.1 from 49.6 in August.
Any reading below 50 indicates a contraction in growth and above 50 shows expansion.
The DAX index fell 0.9% to 12,557.21, the CAC-40 index dropped 0.7% to 5,996.81 and the FTSE 100 index declined 0.9% to 7,023.80.
The euro traded down to 0.99 U.S. cents and the British pound inched lower to $1.134.
Prime Minister Truss Doubles Down, Pound Wobbles
UK Prime Minister Liz Truss doubled down on her policy of cutting taxes and increasing government borrowing.
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