| The US stocks ended mixed yesterday. The Nasdaq edged down 16.81 points (0.1%) to 17,366.13, the S&P 500 inched up 3.54 points (0.1%) to 5,528.75 and the Dow rose 114.09 points (0.3%) to 40,227.59.
Traders also kept a close eye on developments on the trade front, with Treasury Secretary Scott Bessent telling ABC News this week on Sunday he believes an agreement in principle can reached on 17 or 18 important trade deals the administration is currently negotiating. Meanwhile, in a separate interview with CNBC's Squawk Box this morning, Bessent said he believes it's up to China to de-escalate because they sell five times more to us than we sell to them.
The Labor Department's monthly jobs report is likely to be in focus at end of the week along with the Federal Reserve's preferred readings on consumer price inflation. Telecom stocks strongly moved upwards with the NYSE Arca North American Telecom Index climbing by 1.7%. Natural gas and steel stocks were strong while oil service stocks moved lower along with the price of crude oil.
Asia-Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index rose by 0.4% while China's Shanghai Composite Index dipped by 0.2%. The major European markets all moved upside while the French CAC 40 Index climbed by 0.5%, the German DAX Index inched up by 0.1% and the UK's FTSE 100 Index closed just above the unchanged line.
In the bond market, treasuries moved notably higher, extending a recent upward trend. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slid 5 bps to 4.21%.
|