{"id":3520,"date":"2023-10-20T05:00:49","date_gmt":"2023-10-20T05:00:49","guid":{"rendered":"https:\/\/infundpros.com\/markets\/dow-ends-over-250-points-lower-after-powells-remarks-as-10-year-treasury-yield-nears-5\/"},"modified":"2023-10-20T05:00:50","modified_gmt":"2023-10-20T05:00:50","slug":"dow-ends-over-250-points-lower-after-powells-remarks-as-10-year-treasury-yield-nears-5","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=3520","title":{"rendered":"Dow ends over 250 points lower after Powell\u2019s remarks, as 10-year Treasury yield nears 5%"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002634151\" role=\"document\">\n<p>U.S. stocks ended lower Thursday as the yield on the 10-year Treasury note traded just shy of the closely watched 5% threshold after a bout of choppy trading following midday remarks by Federal Reserve Chair Jerome Powell.<\/p>\n<h2>What\u2019s happening<\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       finished 250.91 points lower, down 0.7%, at 33,414.17.<\/p>\n<\/li>\n<li>\n      The S&amp;P 500<br \/>\n        SPX<br \/>\n       fell 36.60 points, or 0.8%, to end at 4,278.<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP<br \/>\n       closed at 13,186.17, down 128.12 points, or 1%.<\/p>\n<\/li>\n<\/ul>\n<p>On Wednesday, the Dow fell 333 points, or 1%, to 33,665, snapping a three-day winning streak as main indexes turned lower for the week.<\/p>\n<div class=\"paywall\">\n<h2>What\u2019s driving markets<\/h2>\n<p>It was all eyes on the bond market as the yield on the 10-year Treasury note<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       pushed to within less than a basis point of the psychologically important 5% threshold. The yield ended North American trading up 8.5 basis points at 4.987%, its highest since July 20, 2007, according to Dow Jones Market Data.<\/p>\n<p><strong>Read:<\/strong> Why stock-market investors are fixated on 5% as 10-year Treasury yield nears key threshold<\/p>\n<p>The yield had pulled back amid remarks by Powell, who said the Fed may need to do more to rein in inflation but also said policy makers would proceed with caution \u2014 language that analysts saw as a signal rates would remain on hold, as already expected, on Nov. 1, and likely in December as well.<\/p>\n<p>\u201cJerome Powell continues to walk a middle line between hawk and dove. The Fed still isn\u2019t sure whether it\u2019s done enough,\u201d said David Russell, head of global strategy at TradeStation. \u201cHe noted positives in the labor market, but it\u2019s hard to get too dovish given this week\u2019s retail sales and jobless claims. So he\u2019s keeping his options open and waiting for more clarity before committing either way,\u201d<\/p>\n<p>During a question-and-answer session that followed his prepared remarks, Powell acknowledged that rising Treasury yields were leading to tighter financial conditions, which could aid the Fed in its inflation-fighting efforts.<\/p>\n<p><strong>See:<\/strong> Fed\u2019s Powell: Live coverage of pivotal speech as bond yields surge <\/p>\n<p>\u201cThe fact is, the yields are doing some of the work for them, and I think what he\u2019s acknowledging is that he\u2019s keeping his eye on that, but his message really is \u2018If the market doesn\u2019t do it for us, we\u2019ll do it ourselves,\u2019\u201d said JJ Kinahan, chief executive of IG North America, during a phone interview with MarketWatch. <\/p>\n<p><strong>See also: <\/strong>Powell says more strong data like September reports could warrant further interest-rate hikes<\/p>\n<p>U.S. labor-market data released Thursday came in stronger than expected, as the number of Americans who applied for unemployment benefits last week fell to a nine-month low of 198,000, defying expectations that layoffs would rise as higher U.S. interest rates impact the economy. <\/p>\n<p>A gauge of regional business activity published by the Philadelphia Fed remained in contractionary territory for the second straight month in October.<\/p>\n<p>Housing-market data showed home sales in September fell to the lowest level since 2010, as high mortgage rates continue to deter buyers and sellers alike. Sales of previously owned homes fell by 2% to an annual rate of 3.96 million in September.<\/p>\n<p>Meanwhile, the third-quarter corporate earnings reporting season moves on.<\/p>\n<p>In terms of the wider market, the results late Wednesday from Netflix<br \/>\n        NFLX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202353025\/composite\" class=\"positive\">+16.05%<\/bg-quote><br \/>\n       and Tesla<br \/>\n        TSLA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203558040\/lastsale\" class=\"negative\">-9.30%<\/bg-quote><br \/>\n       have somewhat canceled each other out, with shares in the streaming giant jumping more than 16% on well-received numbers and the electric-vehicle maker\u2019s stock ending with a loss of 9.3% following cautious comments from Elon Musk. <\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n       <strong>Equifax Inc. <\/strong>shares<br \/>\n        EFX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208789454\/composite\" class=\"positive\">+2.18%<\/bg-quote><br \/>\n       rose 2.2%, shaking off an earlier loss seen after the credit-score agency cut its outlook for the year over concerns that high mortgage rates are causing mortgage-credit inquiries to track at a 37% decline for the year. <\/p>\n<\/li>\n<li>\n      <strong>American Airlines Group Inc. <\/strong>shares<br \/>\n        AAL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209207041\/composite\" class=\"positive\">+0.79%<\/bg-quote><br \/>\n       rose 0.8%, bouncing off a three-year low, even after the air carrier reported third-quarter revenue that came up a bit short and provided a downbeat profit outlook.<\/p>\n<\/li>\n<li>\n      <strong>Las Vegas Sands<\/strong>\u00a0<br \/>\n        LVS,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208792014\/composite\" class=\"positive\">+2.87%<\/bg-quote><br \/>\n       saw its shares jump 2.9%, bringing up other casino stocks, after it noted a recovery at its resorts in Macau and Singapore. <\/p>\n<\/li>\n<\/ul>\n<p><em>Jamie Chisholm contributed.<\/em><\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/s-p-500-futures-extend-losses-as-treasury-yield-nears-5-powell-speech-looms-7574cd86?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks ended lower Thursday as the yield on the 10-year Treasury note traded just shy of the closely watched 5% threshold&#8230;<\/p>\n","protected":false},"author":1,"featured_media":3521,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-3520","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dow ends over 250 points lower after Powell\u2019s remarks, as 10-year Treasury yield nears 5% | inFundPros<\/title>\n<meta name=\"description\" content=\"U.S. stocks ended lower Thursday as the yield on the 10-year Treasury note traded just shy of the closely watched 5% threshold after a bout of choppy\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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