Daily Updates

The S&P 500 closed virtually flat last night, while the tech-heavy Nasdaq edged lower as investors remained cautious ahead of Nvidia’s earnings. US government bond yields edged higher as PCE inflation surprised to the upside, while oil prices rose slightly following a smaller-than-expected increase in US fuel inventories.

The S&P 500 picked up last night, supported by a rebound in information technology stocks, particularly semiconductors, while other sectors were mixed. The drop in oil prices accelerated amid signs of fresh diplomatic efforts to ease the conflict between the US and Iran.

Wall Street remained driven by volatility in technology shares, with the S&P 500 closing lower despite gains across most of the index. Semiconductor stocks again weighed heavily, led by Nvidia which fell for the seventh day in a row. The 10-year US Treasury yield fell alongside oil prices, although yields have opened higher this morning, particularly at the short end of the curve.

Wall Street ended a volatile week higher, supported by data showing a strong rise in US business activity. However, the rebound was not enough to prevent the S&P 500 from recording its first weekly decline in nearly a month.

Wall Street’s declines resumed last night, while oil prices and US Treasury yields rose, as US President Donald Trump hinted at escalating third-party sanctions on countries maintaining economic ties with Iran.

The sell-off on Wall Street came to a halt overnight, while long-term US government bond yields declined and the US dollar depreciated sharply after the US Treasury announced an increase in the maximum size of its longer-dated buyback operations.