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The Hang Seng Index and Hang Seng Tech Index both widened their losses to 1%.US President Trump: We will defend American values. We will support the US military and border guards.July 4: Despite Thursdays fall, gold prices are still expected to rise this week as investors consider the reduced likelihood of a Fed rate cut and lingering concerns about the outlook for global trade. Gold prices traded around $3,330 an ounce this week, up about 1.7%. The previous session closed down 0.9% as U.S. jobs data unexpectedly rose while the unemployment rate was lower than expected. The dollar rose along with U.S. Treasury yields, putting pressure on gold prices as traders exited their already insignificant bets on a rate cut at the Feds July meeting. So far this year, Fed policymakers have kept key interest rates unchanged, citing the potential for Trumps tariff policy to exacerbate inflationary pressures. Officials also pointed to the generally stable job market as supporting their view that they do not need to rush to cut interest rates.The Hang Seng Index in Hong Kong opened on July 4 (Friday) down 169.25 points, or 0.7%, to 23,900.69 points; the Hang Seng Technology Index opened on July 4 (Friday) down 39.38 points, or 0.75%, to 5,194.33 points; the CSI 300 Index opened on July 4 (Friday) down 62.96 points, or 0.73%, to 8,585.48 points; the H-share Index opened on July 4 (Friday) down 0.66 points, or 0.02%, to 4,096.8 points.When the Hong Kong stock market opened, the Hang Seng Index opened down 0.7%, and the Hang Seng Technology Index opened down 0.75%; Xpeng Motors (09868.HK) opened down nearly 2%. Its worlds first L3-level computing AI car, Xpeng G7, was recently launched.

S&P 500 (SPY) Declines As Treasury Yields Rise

Cory Russell

Oct 09, 2022 14:21

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REITs Continue to Face Serious Pressure

After making a failed effort to stabilize above the 20 EMA close to the 3800 level, the S&P 500 is now declining.


The Initial Jobless Claims data, which revealed that 219,000 Americans applied for unemployment benefits in a week as opposed to the analyst estimate of 203,000, was the main focus of trading today.


The Non Farm Payrolls data, which traders will review tomorrow, is anticipated to reveal that the economy gained 250,000 jobs in September. The dynamics of the S&P 500 will probably be significantly impacted by this news.


Treasury rates increased concurrently, which was negative for equities. Ten-year Treasury yields are now attempting to stabilize above the 3.80% mark. It will climb near the recent highs of 4.00% if this effort is successful, which would put more pressure on the stock market.


As WTI oil challenged the significant resistance level at the 50 EMA at $88.40, energy companies including Marathon Oil, Occidental Petroleum, and Halliburton kept climbing higher today.


REITs were still under significant pressure at the time. Traders sell anything associated with the REIT sector in response to increasing Treasury rates. Crown Castle, American Tower Corporation, and Digital Realty Trust are testing new lows.


The S&P 500 is down by roughly 0.5% today, but the retreat is significant since energy companies are the only sector that are up. This is hardly unexpected given that Treasury yields immediately recovered after the most recent fall, showing that market participants are still concerned about the Fed raising interest rates aggressively.

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