Stock Market
The U.S. major indexes closed as follows: Dow Jones declined 0.68% at 51511.59; S&P 500 declined 0.75% at 7706.03; NASDAQ declined 1.13% at 26936.04.
Among unusual-move U.S. stocks, several names posted notable swings at the close. Palantir Technologies Inc. rose 3.68% at $191.79, while Meta Platforms, Inc. rose 1.02% at $744.10.
On the downside, McDonald's fell 4.81% at $238.32, Alphabet fell 3.80% at $334.98, and Amazon.com fell 2.24% at $249.27. NVIDIA fell 1.47% at $225.51, while Apple declined 0.80% at $337.02. Tesla Motors rose 0.32% at $380.12, and CoreWeave, Inc. rose 0.16% at $86.90.
Among other top movers, gains were led by select small-cap and internet names, while several stock and ETF names fell. Zk International Group Co. Ltd. rose 17.24% at $1.70, Lixiang Education Holding rose 16.06% at $1.59, MMTec, Inc. rose 14.76% at $6.92, and Hitek Global rose 13.01% at $2.78.
Other notable gainers included CBAK Energy Technology, Inc. up 13.18% at $1.46, Future FinTech Group Inc. up 10.45% at $4.44, and Pop Culture Group Co., Ltd up 9.77% at $5.17.
On the weaker side, Smart Powerr fell 21.96% at $0.16, Connect Biopharma Holdings Ltd. fell 11.93% at $1.07, Accendra Health Inc fell 11.75% at $0.75, and TROOPS Inc fell 10.29% at $1.83.
Other Markets
U.S. 10-year Treasury yield rose by 0.00%, latest at 5.11.
USD/CNH rose 0.0059%, at 6.75; USD/HKD fell 0.0055%, at 7.84.
U.S. Dollar Index fell 0.0099%, at 101.11.
WTI crude futures rose 0.08%, at 92.23 USD/bbl; COMEX gold futures rose 0.15%, at 4324.90 USD/oz.
Top News
YouTube rolled out new tools for digital producers as it competes with Netflix for talent. The company said the features are meant to help creators make microdrama series and translate livestreams into Spanish. It also said the tools can use artificial intelligence to help edit scripts and videos. The update is aimed at helping YouTube keep more content exclusively on the platform.
The U.S. Treasury said it will buy up to $6 billion in 20- to 30-year Treasury bonds. The buyback will take place during an operation on Thursday. The Treasury said it increased the size of its buybacks on longer-dated securities in August. The action is intended to support liquidity.
S&P Global said U.S. business activity raced to a more than five-year high. The flash U.S. Composite PMI Output Index rose to 58.4 from 56.0. The report said strong demand strained supply chains and pushed prices higher. It also said the reading was consistent with the economy growing at around a 5% annualized rate.
The Institute of International Finance said global debt climbed to a record above $365 trillion. It said debt in emerging markets increased by $6.5 trillion to over $110 trillion. The report said governments and non-financial corporates accounted for most of the increase. It also said the rise came amid higher interest rates and rising debt-servicing costs.
The U.S. 10-year Treasury yield climbed to its highest level since 2007 in a separate market report. The report said the yield rose to 5.04%. It also said the S&P 500 dropped 0.53% and the Nasdaq Composite dipped 1%. Big tech names including Intel, Alphabet, Amazon, Broadcom, Oracle, and AMD were cited as weaker.
Reuters reported that investor demand for ultra-low policy rates has collided with bond-market reality. The piece said the 1% rate demand would likely backfire. It said Treasury rates would climb and the dollar would plummet under that scenario. The report framed the issue as a challenge for the U.S. Federal Reserve and market credibility.
Reuters said global debt and U.S. rate pressures are feeding into higher borrowing costs. The report said the benchmark 10-year yield has climbed to its highest since 2007. It also said average government borrowing costs across Group of Seven economies were at their highest since mid-2008. The article said annual interest expenses were nearly 85% higher.
Sources: Reuters, Dow Jones, Tiger Newspress, public market dataDisclaimer: This content is for reference only and does not constitute investment advice.