U S futures edge lower before jobs data, Powell bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
S&P 500 erases 2021 rally as bond yields top 1 5% bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Stocks Slump as Treasury Yields Top 1.5% on Powell: Markets Wrap
Bloomberg 3/4/2021 Rita Nazareth and Vildana Hajric
(Bloomberg) Stocks and bonds sold off after Federal Reserve Chairman Jerome Powell underwhelmed markets by refraining from pushing back more forcefully against the recent spike in Treasury yields.
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The S&P 500 briefly erased its 2021 gains, notching its lowest close in about five weeks. Benchmark 10-year bond rates topped 1.5% and the dollar climbed. The Nasdaq 100 extended losses from a February peak to almost 10%, and the Russell 2000 of small caps slid 2.8%. Reddit users appeared to rush back into GameStop Corp., with the video-game retailer soaring.
by Tyler Durden
Thursday, Mar 04, 2021 - 07:53 AM
U.S. futures slumped alongside tumbling European and Asian stocks on Thursday, but have since rebounded and were back near unchanged levels as traders awaited remarks from Jerome Powell following a recent bout of bond market turmoil. Treasuries and bitcoin were steady, while the dollar and oil were slightly higher. Nasdaq futures rebounded after falling to a two-month low, wiping out all 2021 gains.
At 6:45 a.m. ET, Dow E-minis were down 48 points, or 0.15% and S&P 500 E-minis were down 10 points, or 0.26%. Nasdaq 100 E-minis were down 36points, or 0.29%.
The S&P 500 is set to open below its 50-day moving average, an indicator of short-term momentum that has proved to be a support line in the recent days. Microsoft Corp, Apple Inc and Amazon.com Inc dropped between 0.3% and 0.4% before the bell. Tech stocks and growth names in general which have huge duration, are particularly sensitive to rising yields because their value rests h