LIVE MARKETS-U.S. indexes mixed early Friday, poised for big weekly gains

Reuters
2024-11-08
LIVE MARKETS-U.S. indexes mixed early Friday, poised for big weekly gains

Dow, S&P 500 slightly green, Nasdaq edges down

Nov U Mich preliminary sentiment 73.0 vs 71.0 estimate

Euro STOXX 600 index off ~0.7%

Dollar up; bitcoin slips; gold declines; crude down >2.5%

U.S. 10-Year Treasury yield falls to ~4.27%

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U.S. INDEXES MIXED EARLY FRIDAY, BUT POISED FOR BIG WEEKLY GAINS

Action on Wall Street is relatively subdued early on Friday, as a rally powered by a sweeping Trump win and an expected interest-rate appears to be pausing.

That said, the S&P 500 index .SPX and Dow .DJI are both on pace for their biggest weekly gains in a year. The Nasdaq composite .IXIC is on track for its biggest weekly rise since September.

And this with the U.S. 10-year Treasury yield's US10YT=RR seven week win streak in jeopardy.

A majority of S&P 500 sectors are higher, with bond proxies including utilities .SPLRCU and real estate .SPLRCR both up more than 1%.

Among those indexes on track to post record closing highs are the Dow, S&P 500, NYSE Composite .NYA, and the S&P 500 consumer discretionary sector .SPLRCD.

Meanwhile, Chinese companies' US-listed shares are under pressure after China unveiled a debt package on Friday to ease local government financing strains and stabilize flagging economic growth. However, investors hoping for extra fiscal buffers were disappointed.

The iShares China Large-Cap ETF FXI.P is sliding nearly 5%.

Here is a snapshot of where market stood around 1007 EST:

(Terence Gabriel)

*****

FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:

BENCHMARK TREASURY YIELD: 7-WEEK WIN STREAK IN JEOPARDY - CLICK HERE

IS FED INDEPENDENCE UNDER THREAT? PROBABLY NOT... - CLICK HERE

WHAT DOES TRUMP 2.0 MEAN FOR BIG TECH? - CLICK HERE

CITI FX STRATEGISTS SHORT THE EURO - CLICK HERE

ALL HOPE IS NOT LOST FOR EMERGING MARKET INVESTORS, SAYS UBS - CLICK HERE

STOXX 600 STEADY, SET FOR WEEKLY LOSS - CLICK HERE

EUROPE BEFORE THE BELL: FUTURES CAUTIOUSLY HIGHER - CLICK HERE

STOCKS AT RECORD PEAKS ON STIMULUS HOPES - CLICK HERE

EarlyTrade11082024 https://tmsnrt.rs/4fzOu8G

(Terence Gabriel is a Reuters market analyst. The views expressed are his own)

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