US Stock markets took a hit yesterday as investors priced in the lower 25-basis point rate cut in November and took some profits ahead of a busy earnings season. US treasury yields pushed through the 4% barrier for the first time since August with both the 2-year and 1-year closing above the key psychological level.
The dollar consolidated after a strong run over the last few days and Oil pushed higher again as traders continue to factor in the escalating conflict in the Middle East whilst Gold drifted within recent ranges.
It is another quiet day ahead on the macroeconomic calendar but traders are expecting more moves in markets as geopolitical risks continue to dominate sentiment and underlying fundamentals are reevaluated.
| Market | Change | Close |
| Dow | -0.94% | 41,954 |
| S&P | -0.96% | 5,695 |
| Nasdaq | -1.18% | 17,923 |
| USD | -0.07% | 102.46 |
| US Treasury – 2 Year | +7.4 bps | 4.006% |
| US Treasury – 10 Year | +3.9 bps | 4.019% |
| Oil – Brent | +3.7% | $80.93 |
| Oil – WTI | +3.7% | $77.14 |
| Gold | -0.2% | $2,648.43 |
Today’s Events (AEST):
Asian Session
- 11.30 am – Australia – RBA Monetary Policy Meeting Minutes
European Session
- 5.00 pm – Germany – Industrial Production Data
