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Market Watch: 10-year Treasury yield pulls back as investors rotate into bonds for safety
Investors on Thursday continued their search for safety and flooded into bonds as the relentless selling persisted in the stock market, pushing Treasury yields lower.
The yield on the benchmark 10-year Treasury note dropped 7 basis points to 2.842% after rising to its highest level since 2018 earlier in the week. The yield on the 30-year Treasury bond moved 5 basis points lower to 2.992%. Yied.
As the sell-off in equities continued, investors moved back into bonds in search of safety. The shift further pushed up bond prices while lowering yields, which move inversely to one another.
April’s consumer price index, released Wednesday, rose 8.3% year-on-year. That was higher than the anticipated 8.1% growth in inflation, but was below March’s 8.5% CPI reading.
The 10-year Treasury yield climbed back above 3% following the release of the report, but then eased back.
Read More @ CNBC HERE
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Market Watch: Stock futures decline as Wall Street struggles for rebound after hot inflation report
Stock futures traded lower early Thursday morning after the latest CPI data showed inflation is still running hot.
Futures tied to the Dow Jones Industrial Average shed 186 points, or 0.59%. S&P 500 futures and Nasdaq 100 futures declined 0.75% and 1.24%, respectively.
Shares of Bumble and Rivian jumped 10.38% and 5.58%, respectively, in extended trading on upbeat results for the most recent quarter. Meanwhile, Disney shares fell more than 3% after hours despite strong earnings for its most recent quarter. The company said Covid is still weighing on its theme parks in Asia.
In regular trading Wednesday, the Dow fell 326 points, or 1.02%. The S&P 500 slipped 1.65% and the Nasdaq Composite dropped 3.18%.
The moves came as investors assessed the latest inflation data, which showed consumer prices in April jumped 8.3%, which was higher than expected and still running close to their 40-year high of 8.5%. Analysts are mixed on whether the data suggests inflation has hit a peak.
Read More @ CNBC HERE
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Worse Than Expected: Consumer Prices Up 8.3% in April
Core CPI, which excludes food and energy, rose 0.6 percent, well above the 0.4 percent estimate.