The stock market was convoluted for most of the day, and the stocks were also riding the volatile market; Dow managed to hit great figures on the earlier trading and closed with some percentage shed afterward. The S&P was also down after the volatile market creates a lot of uncertainties for the indices.
Furthermore, a handful of Asian stocks were also up until the midday trading and faltered just before the market closes. A lot of analysts are pointing that the rates popping is making a huge impact on indices since the biggest reversal last February 2016.
The likes of S&P 500 and the Dow Jones Industrial suffered the same faith and lost some percentages after gaining decent amount on earlier trading; the S&P managed to hit a total of 0.5% decrease to 2,681.66 on the previous session, the index even surged to a massive 1.2% increase on the same session, analysts state that this is the biggest reversal the market had since February of 2016.
Meanwhile, the Dow Jones was also caught up in the massive volatility; the index managed to shed a total of 19.42 points after the session at 24,893.33. The Dow also suffered the biggest reversal since August of 2015 after it hits a massive 381 points increase before easing to its current levels.
Furthermore, the Nasdaq Composite was also trading lower in the market as most of the tech stocks plunges on lackluster quarter performance reports. The index was down by a total of 0.9% to 7,051.98; tech giants such as Amazon, Facebook, and Alphabet were also down by at least 1.8% in the same session. The biggest slump is from Apple which suffered a total of 2.1% dip on the market.
10-Year Yield Increase
Analysts are pointing that the blazing start that the index had entering on the market combusted and failed to carry the positive trading as the Treasury yield rises. The heightened Treasury yields are putting an emphasis on last week’s market plunge, a repeat was a viable discussion. Furthermore, the 10-year Treasury Yield was up by a total of 2.845% just before the market closes.
As for the Treasury Yield increase, analysts John Briggs noted that "I think it was on the budget deal but it wasn't helped by the soft auction," and "You could get a scenario where the curve steepens. And there's a flight to quality in the short end and in the long end, it would be rising, in terms of deficits and supply weighing on the long end."
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