US markets today: Wall Street firms up as yields level off; bitcoin stabilises and tech stocks drive early gains
A steadier mood returned to US equities on Tuesday as easing Treasury yields and a rebound in bitcoin helped major indices regain traction after ending a six-day winning streak, according to AP. Investors leaned back into technology counters while weighing signals on global interest rates and the broader health of the economy.The S&P 500 was 0.3% higher, while the Dow Jones Industrial Average added 37 points, or 0.1%, at 9.35am Eastern time. The Nasdaq composite gained 0.6%. MongoDB surged 24.6% after the New York-based database company reported stronger quarterly results than analysts expected. United Natural Foods of Providence, Rhode Island, also advanced 8.4% following a better-than-anticipated profit.Those moves helped offset a 5.6% slide in Signet Jewelers. The company issued a holiday-season revenue forecast that missed market expectations and said it anticipates “a measured consumer environment.” US economy has held up comparatively well, though widening divides persist. Lower-income households remain under pressure from inflation that is still running above preferred levels, while higher-income households benefit from an equity market near the all-time high set in late October.In the bond market, yields were mixed after the previous day’s sharp moves. The 10-year Treasury yield nudged up to 4.10% from 4.09%, while the two-year yield eased to 3.52% from 3.54%. Higher yields can weigh on valuations across asset classes, particularly for sectors considered expensive.Bitcoin, which had fallen below $85,000 on Monday, recovered toward $89,000.Monday’s climb in yields followed comments from the Bank of Japan hinting it may raise interest rates soon. Market expectations still point to another US Federal Reserve rate cut at next week’s meeting in Washington. The Fed has already reduced its overnight rate twice this year to support a slowing job market, though inflation remains above the 2% target, leaving the subsequent policy path uncertain.Overseas, markets moved modestly across much of Europe and Asia. South Korea’s Kospi stood out with a 1.9% jump, led by gains of 2.6% in Samsung Electronics and 3.7% in chipmaker SK Hynix.
