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On Thursday, US markets experienced a decline, breaking an eight-day winning streak for the S&P 500 and a nine-day run for the Nasdaq. The drop was attributed to softer demand at a 30-year Treasury bond auction, leading to a spike in long-term yields. Federal Reserve Chair Jerome Powell’s hawkish comments on the need for sustained policy rates and a potential further tightening contributed to the negative sentiment. Despite strong earnings from Disney the Dow fell 200 points, with small-cap equities underperforming for the second consecutive day. The 10-year US Treasury yield rose to over 4.6% and the S&P 500 and Nasdaq lost 0.8% and 0.9%, respectively. In contrast, European markets ended higher yesterday, with the German Dax and the Euro Stoxx 50 index rising by 0.8% and 1.2%, respectively, driven by positive earnings reports from the likes of Deutsche Telekom, Adyen, and ArcelorMittal.
Summary for 10.11.2023
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