US Stocks Mixed Amid Rising Treasury Yields and Hawkish Fed Comments
The US stock market experienced a mixed day on Thursday, with the Dow Jones Industrial Average falling 0.3% while the S&P 500 and Nasdaq 100 ended flat.
The decline in the Dow Jones comes as Treasury yields continue to rise, reaching their highest level since 2004 at 30-year fixed home mortgage rates of 7.45%.
This increase in yields is attributed to hawkish remarks from Federal Reserve officials, including Governor Michael Barr and Philadelphia Fed President Anna Paulson, who warned that further policy tightening may be necessary to bring inflation back under control.
In other news, Oracle (ORCL) invoked a 'force majeure' clause on its $165 billion AI data center campus in New Mexico, while Meta Platforms Inc. (META) approached a $2 trillion market valuation following its strongest monthly stock performance since July 2013.