WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
U.S. stock futures were little changed on Tuesday night after tech shares sold off for the second day in a row, pressured by rising rates that gave a boost to energy and financial stocks.
The S&P 500 added 0.17% to close at 4,690.70.
The divergence in the sectors moved in tandem with Treasury yields, which tend to lift bank stocks and crush tech and other high-growth companies. Yields have been rising since President Joe Biden’s renomination of Jerome Powell as chairman of the Federal Reserve on Monday.
Trading could slow in the coming days due to the Thanksgiving holiday, but investors will be watching a slew of economic data due out Wednesday, including weekly unemployment claims, a GDP update, personal income, consumer confidence reads and Federal Reserve FOMC minutes.
The Nasdaq Composite fell for the second consecutive day as higher interest rates appeared to put pressure on high-flying tech stocks, but shares of banks and industrial names moved higher in a split market on Tuesday.
The tech-heavy index fell 0.50% to 15,775.14.
The decline in tech and other growth stocks comes as Treasury yields have jumped following President Joe Biden’s decision to select Fed Chair Jerome Powell for a second term on Monday. Higher rates are often seen as a negative for high-growth companies because their future earnings look less attractive as short-term yields rise.
Oil prices fell on Wednesday as the U.S.-led coordinated release of stocks from strategic reserves eased concerns over tightness in global supply, while investors took profits from the previous day’s rally ahead of the U.S. Thanksgiving holiday.
WTI crude futures fell 12 cents, or 0.2%, to $78.38 a barrel at 0122 GMT, reversing out of a 2.3% gain in the previous day.
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Gold prices fell around 1% to a near three-week low on Tuesday as the renomination of U.S. Federal Reserve Chair Jerome Powell fueled bets of faster interest rate hikes, bolstering the dollar and Treasury yields.
Spot gold fell 0.9% to $1,788.51 per ounce by 02:13 p.m. ET. U.S. gold futures settled down 1.3% at $1,783.80.
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