Stock market today: Wall St. ticks up early, bond yields settle after Powell’s hawkish comments

Nov 9, 2023, 11:31 PM

Wall Street inched higher before the bell Friday after Federal Reserve Chair Jerome Powell said that the central bank would not hesitate to raise its benchmark borrowing rate again if inflation continues to linger.

Futures for the S&P 500 and the Dow Jones Industrial Average each rose about 0.2% early.

Bond yields came back down after jumping Thursday on a report that suggested the U.S. job market remains remarkably solid. They rose further when the U.S. government announced the results of a sale of $24 billion in Treasury bonds and pushed even higher after Powell said the Fed “will not hesitate” to raise interest rates further if it feels high inflation is not fully under control.

Stocks had been higher earlier Thursday with the S&P 500 expected to reach its longest winning streak in 19 years. But it quickly sagged as Treasury yields rose.

The 10-year Treasury yield settled back to 4.58% early Friday from 4.64% late Thursday. The yield on the 2-year Treasury inched down to 4.99% from 5.03% late Thursday.

High rates and yields have been the main driver for the stock market for months because they hurt prices for investments, slow the economy and raise the pressure on the financial system.

A swift rise in the 10-year yield that began in the summer earlier knocked the S&P 500 down by 10% from its peak for the year. The yield briefly topped 5% to reach its highest level since 2007, as it caught up with the Federal Reserve’s main interest rate, which is above 5.25% and at its highest level since 2001.

Early Friday the Las Vegas hotel workers union said it had reached a tentative deal with Wynn Resorts, the last contract needed to avoid a strike Friday. The new five-year contract covers employees at the company’s flagship hotel-casino and Encore Resorts and comes after the union’s tentative deals earlier in the week with Caesars Entertainment and MGM Resorts.

Wynn Shares tumbled 5.5% in premarket trading Friday, with some industry analysts pointing to a slow rebound for its resort properties in Macau.

Shares of Green Dot slid nearly 8% before markets opened after the financial technology and payments platform company missed Wall Street profit targets.

In Europe at midday Germany’s DAX lost 0.6%, the CAC 40 in Paris fell 1% and Britain’s FTSE 100 tumbled 1.3% lower.

European Bank President Christine Lagarde and the head of Germany’s Bundesbank were due to speak later Friday in updates on the likely direction of EU monetary policy after the ECB kept its key interest rate unchanged late last month after 10 straight increases following a broad decline in inflation to 4.3%.

In Asian trading, the Hang Seng in Hong Kong dropped 1.8% to 17,203.26 and the Shanghai Composite index slipped 0.5% to 3,038.97.

A financial services business of China’s biggest bank, ICBC, said it was hit this week by a ransomware attack that reportedly disrupted trading in the U.S. Treasury market.

New York-based Industrial and Commercial Bank of China Financial Services handles trades and other services for financial institutions. It said it had isolated affected systems and that trades had cleared by Thursday. It was unclear how much of an impact the attack had on Treasury market trading.

Australia’s S&P/ASX 200 fell 0.6% to 6,976.50. Tokyo’s Nikkei 225 index dropped 0.2% to 32,568.11. Taiwan’s Taiex lost 0.4%, and the SET in Bangkok dropped 0.5%.

In energy trading, crude oil prices regained some the big losses from earlier in the week.

A barrel of benchmark U.S. crude added 80 cents to $76.54 in electronic trading on the New York Mercantile Exchange. It rose 41 cents to settle at $75.74 a barrel on Thursday. Brent crude, the international standard, gained 93 cents to $80.94 a barrel.

The U.S. dollar rose to 151.41 Japanese yen from 151.34 yen. The euro edged higher to $1.0684 from $1.0666.

On Thursday, one of Wall Street’s longest winning streaks in two decades came to an end as the S&P 500 sank 0.8%. The Dow industrials dropped 0.6% and the Nasdaq composite lost 0.9%.


United States News

Associated Press

Widespread power outages from deadly Houston storm raise new risk: hot weather

HOUSTON (AP) — As the Houston area works to clean up and restore power to thousands after deadly storms, it will do so Saturday under a smog warning and as all of southern Texas starts to feel the heat. The National Weather Service in Houston warned that with temperatures hitting around 90 degrees (32.2 C) […]

5 hours ago


Nick Borgia

Arizona woman accused of involvement in major North Korean fraud scheme

An Arizona woman is being prosecuted for allegedly assisting in North Korean fraud schemes to place overseas IT workers in U.S. positions.

7 hours ago

Houston storms cause widespread damage on Friday...

Associated Press

Some in Houston facing no power for weeks after storms cause widespread damage, killing at least 4

Houston storms cause widespread damage on Friday, May 17. Thunderstorms hit the southeastern part of Texas, killing at least four people.

8 hours ago

Man gets 30 years in prison for attacking ex-Speaker Nancy Pelosi’s husband with a hammer...

Associated Press

Man gets 30 years in prison for attacking ex-Speaker Nancy Pelosi’s husband with a hammer

A man has been sentenced to 30 years in prison for attacking the husband of then-House Speaker Nancy Pelosi with a hammer.

9 hours ago

Associated Press

Missouri candidate with ties to the KKK can stay on the Republican ballot, judge rules

JEFFERSON CITY, Mo. (AP) — A longshot Missouri gubernatorial candidat e with ties to the Ku Klux Klan will stay on the Republican ticket, a judge ruled Friday. Cole County Circuit Court Judge Cotton Walker denied a request by the Missouri GOP to kick Darrell McClanahan out of the August Republican primary. McClanahan is running […]

9 hours ago

Associated Press

UN experts say South Sudan is close to securing a $13 billion oil-backed loan from a UAE company

UNITED NATIONS (AP) — U.N. experts say South Sudan is close to securing a $13 billion loan from a company in the United Arab Emirates, despite the oil-rich country’s difficulties in managing debts backed by its oil reserves. The panel of experts said in a report to the U.N. Security Council that loan documents it […]

10 hours ago

Sponsored Articles



Here are 5 things Arizona residents need to know about their HVAC system

It's warming back up in the Valley, which means it's time to think about your air conditioning system's preparedness for summer.


DISC Desert Institute for Spine Care

Sciatica pain is treatable but surgery may be required

Sciatica pain is one of the most common ailments a person can face, and if not taken seriously, it could become one of the most harmful.


Collins Comfort Masters

Avoid a potential emergency and get your home’s heating and furnace safety checked

With the weather getting colder throughout the Valley, the best time to make sure your heating is all up to date is now. 

Stock market today: Wall St. ticks up early, bond yields settle after Powell’s hawkish comments