Wall Street’s main indexes posted losses on Thursday (9/11), ending the S&P 500’s and Nasdaq’s best winning streak in two years. US bond yields rose sharply after the alarming statements of Fed President Jerome Powell, who made it clear that the central bank will not hesitate to raise interest rates again if necessary.
Among other things, Powell said tonight that officials are “not confident” that interest rates are high enough to tame inflation. Yields rose sharply after a weak auction of $24 billion in 30-year notes, with demand for the debt at 2.24 times the bonds sold. At the same time, the 10-year rose up to 4.654% intraday. The 30-year jumped about 11 basis points to 4.771%.
In today’s Wall Street session, the S&P 500 was down 0.81% at 4,347.35 and the Nasdaq Composite lost 0.94% at 13,521.45. The Dow Jones Industrial Average fell 220.33 points, or 0.65%, to close at 33,891.94.
After Wall Street’s strong rally last week, the pace of gains slowed and Thursday’s decline snapped a streak of eight daily gains for the S&P 500 and nine winning sessions for the Nasdaq, the longest streak for each index since November 2021.
Returning to profits, after two sessions of losses, marked the oil prices. In particular, Brent oil for January delivery closed at $80.01 a barrel, registering an increase of 47 cents or 0.59%. Accordingly, US WTI crude for December delivery closed at $75.74 a barrel, up 41 cents or 0.54%.
Gold moved higher on Thursday, while palladium, on the other hand, “fell” below $1,000 per ounce for the first time since 2018. More specifically, spot gold rose 0.7% to $1,963.49 per ounce, after reaching to its lowest level since Oct. 18 earlier in the session. U.S. gold futures gained 0.6 percent to $1,968.90. Silver rose 1.1% to $22.77 an ounce. However, palladium slipped more than 5% to $996.67 an ounce and hit a 5-year low of $991.53.
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