Stock Market Today: Dow, S&P Live Updates for March 23, 2021


Photographer: Yuriko Nakao / Bloomberg

Asian stocks fluctuated after their US peers rallied and bond yields held down ahead of a series of closely watched Treasury auctions.

Shares in China and Hong Kong fell, while stock index gains in Japan and Australia boosted the MSCI Asia Pacific indicator. US futures swung between red and green after the rally in tech stocks sent the Nasdaq 100 up 1.7%, and the S&P 500 Index also gained. Small-cap stocks underperformed.

The yield on the 10-year US Treasury declined from its highest level in about 14 months, raising hopes for better demand in leadership.until a heavy round of Sales. This week’s bids include a seven-year note, a maturity that fared poorly in last month’s auction, sending benchmark yields higher. Oil prices fell and the dollar was stable.

US Benchmark Yield Drops After Seven Weeks of Climbing

Stabilizing bond yields provided some relief to investors who worried that heavy US spending in the recovery could reignite inflation and force tighter central bank policy. The Biden administration is considering a multi-trillion dollars economic plan to follow the stimulus package signed earlier this month. But the encouraging economic data shouldn’t distract from the progress that still needs to be made, Treasury Secretary Janet Yellen emphasized in prepared comments for his testimony before Congress.

The Federal Reserve will continue to support the US economy for as long as it takes, Chairman Jerome Powell indicated in a speech for his appearance with Yellen on Tuesday.

“The turnover that we see day-to-day right now is driven by that volatility in Treasury yields – when yields go up, we see technology sell off and a turnover in value,” said Isaac Poole, global director of Oreana Portfolio investments. Advisory services. “That’s quite normal early in the cycle, in the uncertainty surrounding monetary policy.”

Poole told Bloomberg TV that he sees long-term returns topping 2% this year and that value stocks are benefiting.

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