Nasdaq Falls 0.9% as US Bond Yield Tops 5% | Global Economy, Nov 14
Wall Street ended mixed as the US 10-year yield rose to 5.145% and hit tech stocks, while Brazil holds its Selic rate at 13.75%. Your global briefing. The post Nasdaq Falls 0.9% as US Bond Yield Tops 5% | Global Economy, Nov 14 appeared first on The Rio Times .
The Nasdaq Composite fell 0.91% to 25,136 on November 14, as investors sold growth stocks and held onto older industrial names. The Dow Jones Industrial Average edged up 0.10% to 52,348. The VIX rose 3.21% to 19.3, indicating nervousness among traders. The US 10-year Treasury yield hit 5.145%, the highest level in five years, sparking fears that bonds could compete with shares.
The dollar index climbed 0.23% to 103.411, while October producer prices rose 0.3% month-on-month and 6.5% year-on-year. Core producer prices also increased 0.3% month-on-month and 5.0% year-on-year. The Fed's next meeting is scheduled for December 8-9. Slightly firmer inflation data in the United States revived concerns about a potential Federal Reserve rate increase.
Gold slipped 0.16% to $3,874/oz amid stronger dollar and higher yields. Brazil's central bank maintained the Selic rate at 13.75% following unanimous votes, with projections of 5.6% inflation by 2026, exceeding the 4.5% ceiling. Brazil's domestic data showed retail sales rising 1.7% year-on-year and industrial output growing 1.5% compared to expectations.
Meanwhile, US crude stocks increased by 4.7 million barrels, and gasoline and distillates stocks rose by 1.8 million and 4.1 million barrels, respectively. USDA export sales for soybeans, corn, and wheat were released on November 13, impacting Brazil's agricultural exports.
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