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US stocks finished mixed to kick off 2024’s second quarter as US treasury yields rose.
The S&P 500 (^GSPC) fell 0.2%, while the Dow Jones Industrial Average (^DJI) fell 0.6%. The tech-heavy Nasdaq Composite (^IXIC) closed slightly higher, though off its earlier session highs.
US bonds sold off as the benchmark 10-year Treasury (^TNX) yield rose 12 basis points to 4.32%, inching toward its highest level of the year.
Data released on Monday showed the US manufacturing sector is in its strongest position since 2022, raising questions over whether the economy is accelerating and its impact on the Federal Reserve’s path on interest rates.
As Yahoo Finance’s Josh Schafer reported, the Institute for Supply Management’s manufacturing PMI indicated the manufacturing sector moved into expansion for the first time since September 2022. Meanwhile, a measure from S&P Global showed production hit a 22-month high last month as the US economy continues to impress.
The ISM’s manufacturing PMI registered a reading of 50.3 in March, up from February’s reading of 47.8 and higher than the 48.3 economists expected, according to Bloomberg data.
Equities have begun 2024 on a high note: The benchmark S&P 500 has set 22 fresh closing records so far this year as part of its best first quarter since 2019. Meanwhile, all three major averages have now risen for five straight months.
The highlight of Q2’s first week on the macroeconomic front is Friday’s jobs report, which will serve as another important signal to the Fed.
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