US markets turned positive as Treasury yields moved higher and the US services sector recorded growth in September largely in line with expectations, …
1/7US markets | US stocks traded mixed on Monday, with the Nasdaq Composite climbing to a record high as technology shares lifted the index, while investors assessed US Treasury yields and the latest economic data. The Nasdaq gained more than 0.7% to touch an all-time high of 27,399.81. The S&P 500 advanced around 0.4%, while the Dow Jones Industrial Average slipped 87 points, or nearly 0.2%.
2/7US Treasury yields | US Treasury yields rebounded on Monday. The benchmark 10-year Treasury yield was last up about 2 basis points to 5.298%. The yield on the 30-year Treasury bond was 3 basis points higher at 5.659%. The yield on the 2-year Treasury fell nearly 1 basis point to 4.818%. One basis point is equal to 0.01%, and yields and prices move in opposite directions.
(Photo Credit : Reuters)
3/7US services sector | The US services sector saw growth in September largely in line with expectations, as both employment and prices saw gains, according to the Institute for Supply Management. The ISM services index saw a 54.9 reading for the month, down just half a point from August and essentially in line with the Dow Jones consensus estimate of 55. The index measures the percentage of purchase managers reporting growth in their businesses.
4/7Crude oil | Oil fluctuated in jittery trading, as Saudi Arabia cut prices of its benchmark grade to Asia, the kingdom’s state producer warned about the risk of low stockpiles and as fighting in Yemen intensified. Brent edged up above $102 a barrel after earlier losing as much as 1.6%, while West Texas Intermediate was near $90.
5/7US-Iran war | A Houthi-run body warned that Saudi Arabia’s airspace would remain unsafe as long as what it described as Saudi “aggression” continued, Houthi-affiliated media reported, according to Reuters.
6/7US trade deficit | In the US, the trade balance data for August is due at 6 am IST. The US trade deficit stood at $78.3 billion in July.
7/7HSBC India Services PMI | India’s HSBC India Services Purchasing Managers’ Index (PMI) and Composite PMI data for September, with the final readings due at 10:30 am. In the previous month, the Services PMI stood at 55.8, while the Composite PMI was at 56.5.