US stocks inch higher, but undermined by rising yields
US markets ended on Friday with mixed results, as elevated bond yields and high oil prices weighed on the market. The S&P 500 inched 0.2 percent higher after drifting between modest gains and losses for much of the day. The benchmark index also posted its second straight weekly loss. The Dow Jones Industrial Average slipped 0.2 percent, and the Nasdaq composite added 0.4 percent. All told, the…
Friday brought mixed performances to US markets, as soaring bond yields and high oil prices cast a shadow over the market. The S&P 500 managed to edge up by 0.2 percent, after experiencing a rollercoaster of modest gains and losses throughout the day. This index also marked its second weekly decline. The Dow Jones Industrial Average suffered a 0.2 percent decline, while the Nasdaq composite managed a 0.4 percent increase.
In total, the S&P 500 rose by 12.74 points to reach 7,650.50. The Dow Jones slipped 95.40 points to 51,682.64, and the Nasdaq climbed 104.25 points to 26,552.55. The yield on the 10-year Treasury surged to 5 percent, up from 4.94 percent the previous day, following its first-ever crossing of the 5 percent threshold since 2023. The yield increase began early in the week, having topped the 5 percent mark for the first time since 2023.
Bond yields have been on a steady upward trajectory since the onset of the pandemic in 2020. Meanwhile, the price of Brent crude, the global benchmark, saw a sharp rise of nearly US$110 early in the week, following a modest jump from just over US$70 in July. Despite a brief dip below US$102 in overnight trading, the price settled at US$103.87.
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