US Stocks Drift Near All-Time High as Crude Oil Prices Rebound
US stocks hovered near their all-time high on Wednesday as crude oil prices rebounded after a week of decline. The S&P 500 slipped 0.1% in early trading, while the Dow Jones Industrial Average fell 55 points and the Nasdaq composite dropped 0.3%. The price for a barrel of Brent oil rose 1.4%, which pushed yields higher in the bond market, making it more expensive for everyone to borrow money.
The yield on the 10-year Treasury reached 4.90% as investors focused on Chinese President Xi Jinping's state visit to Washington and his meeting with Trump, where artificial intelligence was expected to be a key topic. The leaders aimed to steady fragile ties between their countries, despite seeking leverage in various areas such as trade and Iran.
The U.S. dollar rose to 157.82 Japanese yen from 157.39 yen, while the euro traded at $1.1412, down from $1.1449. Britain's FTSE 100 edged up to 10,712.19, but France's CAC 40 slipped 0.1% to 8,146.73 and Germany's DAX declined 0.4% to 25,473.41.