## Global Markets Update: US Stocks Dip on Rising Yields, Asia Mixed, Europe Edges Higher
US markets closed in the red on Wednesday, October 24th, as a surge in Treasury yields weighed heavily on mega-cap stocks and dampened investor hopes for significant Federal Reserve rate cuts. This downward trend was particularly noticeable in the tech sector.
Corporate news also impacted the market. McDonald’s and Coca-Cola both saw their shares affected by specific company developments. Meanwhile, 10-year US Treasury yields reached a three-month high, adding to the negative sentiment.
Further economic data released on Wednesday revealed that US existing home sales had fallen by 1% in September compared to the previous month, bringing the annualized rate to 3.84 million. This data point reinforced concerns about a slowing housing market, which can have a ripple effect on the broader economy.
Across the S&P 500 sectors, most closed lower on Wednesday. Consumer discretionary, tech, and communication services experienced the most substantial losses. Real estate and utilities, however, ended the day in the green. The Dow Jones Industrial Average dipped 0.96% to close at 42,514.95. The S&P 500 slipped 0.92% to 5,797.40, while the Nasdaq Composite fell 1.60% to finish at 18,276.65.
Asia Markets Today
On Thursday, Japan’s Nikkei 225 closed higher by 0.26% at 38,177.50, led by gains in the Transport, Rubber, and Paper & Pulp sectors. However, Australia’s S&P/ASX 200 declined 0.12% and ended the day at 8,206.30, with losses seen in the I.T., Gold, and Metals & Mining sectors.
In India, the Nifty 50 traded lower by 0.12% at 24,406.45, and the Nifty 500 was down 0.22% at 22,790.15. China’s Shanghai Composite fell 0.68% to close at 3,280.26, and the Shenzhen CSI 300 declined 1.12%, finishing the day at 3,928.83. Hong Kong’s Hang Seng slipped 1.30% and closed the session at 20,489.62.
Eurozone at 05.45 AM ET
European stock markets edged higher in early trading on Thursday, as investors focused on third-quarter earnings and regional economic data. The European STOXX 50 index was up 0.66%. Germany’s DAX gained 0.47%. France’s CAC rose 0.66%. The UK’s FTSE 100 index traded higher by 0.64%.
Investors are closely watching eurozone PMI readings amid concerns about growth. Weak data could potentially push the European Central Bank (ECB) toward further rate cuts.
Commodities at 05.45 AM ET
Crude oil prices rebounded on Thursday, with WTI trading higher by 2.09% at $702.25/bbl, and Brent up 2.00% at $76.46/bbl. The increase in prices came after recovering from previous losses, fueled by geopolitical tensions in the Middle East and reports of North Korean troops aiding Russia in Ukraine. Traders remain cautious about the potential for further disruptions to global energy markets.
Natural gas rose 1.54% at $2.378. Gold was trading higher by 0.72% at $2,748.95, Silver gained 1.70% to $34.413, and Copper rose 0.96% to $4.3780.
U.S. Futures at 05.45 AM ET
Dow futures were down 0.10%, S&P 500 futures rose 0.42%, and Nasdaq 100 Futures increased 0.76%.
Forex at 05.45 AM ET
The U.S. dollar index slid 0.25% to 104.19, the USD/JPY was down 0.52% to 151.97, and the USD/AUD declined 0.31% to 1.5028.