US: Stocks end mixed as Treasury yields stay in focus

WALL Street stocks were mixed at the end of Monday’s session as markets monitored US Treasury yields and awaited key earnings and economic data later in the week.

Major indices opened the day firmly lower after the yield on the 10-year US Treasury note topped five per cent for the first time in 16 years.

But as yields moved lower later in the day, large technology companies gave markets a boost, with Google parent Alphabet, Amazon and Microsoft shares all rising ahead of earnings later in the week.

The tech-centered Nasdaq Composite Index finished up 0.3 per cent at 13,018.33.

The Dow Jones Industrial Average dropped 0.6 per cent to 32,936.41, while the broad-based S&P 500 shed 0.2 per cent to 4,217.04.

The rise in bond yields has worsened worries that Federal Reserve interest rates will stay higher for longer, denting the growth outlook.

Markets are also keeping an eye on rising carnage in the Middle East where Israel has launched a bombing campaign following the Oct 7 Hamas attack of the country.

Among individual companies, Hess shares fell 1.0 per cent after announcing it agreed to be acquired by rival oil company Chevron for US$53 million in an all-stock deal. Chevron shares dropped 3.7 per cent.

Besides a heavy week of earnings, this week’s schedule includes several significant economic reports that will be scrutinised for their implications on monetary policy.

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US: Wall St opens lower as 10-year yield hits 5%; Big Tech earnings in focus

These include a report on third quarter US growth and September personal income and spending that also includes key inflation data. AFP