Wall Street opened lower as yields on US bonds rose to a 11 year high
2018-10-10 01:44 pm | Resource: News | No Views : 112
Markets opened in the US in the red zone on Wednesday as interest rates continued to rise, with the yield on two-year Treasuries rising to the highest level since 2007. On the data front, figures released before the bell showed that US producer prices rose 0.2% in September. Investors also look to the latest developments in Trump's administration after the resignation of US Ambassador to the United Nations Nicky Halley.
Hurricane Michael is rising from heavy rain on the Florida coast
Hurricane Michael gained strength overnight, causing heavy rain in the coastal towns of Rock Landing, Panama City Beach and Panhandel, Florida, the National Weather Service (NWS) said Wednesday. Heavy rain is expected in the state capital of Talasi. The NWS also said it was watching the storm closely because it may contain compact cyclones.
"If you have space where the water rises, just run it safely - try not to travel in that water," Panama City Beach Director Mario Gisbert said. It's not the time to move, "he said.
Earlier in the day, Michael was promoted by the National Hurricane Center (NHC) to a severe Class 4 storm. President Donald Trump announced a state of emergency in Florida yesterday and ordered federal aid to state authorities as they prepare to deal with harsh weather conditions.
US PPI up 0.2% in September
On the data front, the PPI for final demand in the US rose 0.2% in September compared to the previous month on a seasonally adjusted basis and in line with expectations, the US Bureau of Labor Statistics said on Wednesday.
The rise in the final demand index was driven by a 0.3% rise in final demand services prices. On a non-adjusted basis, the final demand index rose 2.6% in the twelve-month period ending last month. The final demand index excluding food, energy and business services rose by 0.4% in September, the biggest gain since January.
At the same time, final demand goods fell by 0.1% in September, with energy prices down by 0.8%, while food prices fell by 0.6%. Final demand for goods excluding food and energy rose 0.2%.
US Stocks Open
- The Dow fell 0.29% at 3:32 pm CET.
- The Nasdaq 100 fell 0.61% at 3:30 pm CET. The worst performer is Fastenal which fell 4.78% at 3:32 pm CET.
- The S & P 500 fell 0.25% at 3:30 pm CET.
The euro added 0.22% against the dollar to close at 1.1515 at 3:33 CET.
Time frame Used - four hours The NASDAQ 100 is moving in a bearish direction in the near term. The Nasdaq 100 is still facing resistance and selling pressure around the 6864-6903 levels as the NASDAQ 100 is retreat down forming a negative candlestick pattern. In view of the technical indicators Both the RSI and Stochastic are indicating to decline of the indicators. Therefore, we expect that the NASDAQ 100…
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