Wall Street on the mend, gets reprieve from lower Treasury yields
U.S. equity indexes green: Nasdaq up ~1.5%
Oct U Mich sentiment final 70.5 vs 69 estimate
Euro STOXX 600 index up ~0.1%
Dollar, gold ~flat; bitcoin gains; crude up >1%
U.S. 10-Year Treasury yield edges down to ~4.19%
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WALL STREET ON THE MEND, GETS REPRIEVE FROM LOWER TREASURY YIELDS
Shares on Wall Street are trading higher early on Friday, getting a boost once again from lower U.S. Treasury yields and ahead of earnings results from megacap tech firms next week.
U.S. yields remain a key driver on Wall Street, and are coming off their highest levels in months on Wednesday as the market has priced in a Republican sweep. But rates seem to be stabilizing at lower levels before next week's slew of events and data including the all-important U.S. nonfarm payroll report. The benchmark 10-year Treasury yield US10YT=RR is currently down 1.2 basis points (bps) at 4.19%, but on the week, it's up 12.7 bps.
Federal Reserve rate cut expectations have settled in at 44 bps, but the November jobs report would be crucial for determining the pace of the Fed's rate path for the rest of the year. For now, the market is expecting modest rate cuts from the Fed.
A better-than-expected U.S. durables report further added to expectations of a shallow rate cut cycle. New orders for key U.S.-manufactured capital goods increased more than expected in September, but business spending on equipment likely slowed in the third quarter.
In the meantime, investors are looking ahead to next week, the final stretch before the Nov. 5 U.S. presidential election, Results are also expected from giant tech firms including Alphabet GOOGL.O, Apple AAPL.O and Microsoft MSFT.O.
A fifth of the S&P 500 have reported results so far, with earnings season off to a mixed start, analysts say. Dave Rosenberg, founder and CEO of Rosenberg Associates writes in a research note that there is "evident weakness" in the industrial segment of the economy, while consumer-related reports lack breadth to support the supposed "resilience" theme.
Here is an early market snapshot:
(Gertrude Chavez-Dreyfuss)
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FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:
DOW INDUSTRIALS: FROM WEEKLY WIN STREAK TO DAILY LOSING STREAK - CLICK HERE
TIME TO TAKE PROFIT ON SOME TRUMP TRADES, CITI SAYS - CLICK HERE
RACHEL REEVES WALKING A TIGHTROPE WITH BUDGET - RBC BLUEBAY - CLICK HERE
SHARP SWINGS - CLICK HERE
EUROPE BEFORE THE BELL: BUSY EARNINGS, CHINA GETS THE BLAME - CLICK HERE
MARKETS ENTER THE EYE OF RISK-EVENT STORM - CLICK HERE
US early market snapshot https://tmsnrt.rs/3AaWbmQ
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