US: Stocks edge lower as treasury yields rise further
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WALL Street stocks edged lower on Monday after a roller-coaster session as worries over the economic drag from higher interest rates collided with a heavy week of earnings reports.
The yield on the 10-year US Treasury note rose further above 2.8 per cent, its latest jump in the upward march seen over the last month as the Federal Reserve has coalesced around an aggressive plan to counter inflation.
Meanwhile, survey data pointed to a decline in US homebuilding sentiment, reflecting the drag from higher mortgage rates, according to the National Association of Home Builders.
“The housing market faces an inflection point as an unexpectedly quick rise in interest rates, rising home prices and escalating material costs have significantly decreased housing affordability conditions, particularly in the crucial entry-level market,” said NAHB Chief Economist Robert Dietz.
The Dow Jones Industrial Average slipped 0.1 per cent to finish at 34,411.69.
The broad-based S&P 500 lost less than 0.1 per cent to end at 4,391.71, while the tech-rich Nasdaq Composite Index declined 0.1 per cent to 13,332.36.
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Twitter jumped 7.6 per cent in the latest lurch in the social media stock following Tesla Chief Executive Elon Musk’s unsolicited bid for the company.
Bank of America jumped 3.2 per cent as it reported better than expected earnings following solid loan growth despite lower investment banking fees.
Other earnings reports this week will come from Tesla, Procter & Gamble and Netflix.
The calendar also includes the annual spring meeting of the IMF and World Bank, which are being held amid the bleak outlook for the global economy due to the conflict in Ukraine and the impact on food and fuel prices. AFP
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