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Major market averages traded mixed on Black Friday with trading set to end early.
Early on and the Dow (DJI) was +0.3%, the S&P 500 (SP500) was flat, and the Nasdaq Composite (COMP.IND) was -0.2%.
The stock market closes at 1 p.m. ET and the bond market closes at 2 p.m. ET.
“The Thanksgiving holiday means it’s been a quiet 24 hours, since US markets were closed yesterday and they’re only open for a half-day today,” Deutsche Bank’s Jim Reid said. “In the meantime, the main story has been an ongoing bond selloff in Europe, mainly thanks to another batch of hawkish commentary from central bankers, along with some flash PMIs that were slightly better than expected.”
“So there was a bit of a pushback to the recent narrative that rate cuts are just around the corner.”
The 10-year Treasury yield (US10Y) rose 6 basis points to 4.47%. The 2-year yield (US2Y) rose 4 basis points to 4.94%.
On the economic calander front, the S&P Global’s PMI for November came out unchanged at 50.7. Data came in at at 49.4 versus the forecasted 49.8 for Manufacturing PMI. Services PMI arrived at 50.8 compared to the expected 50.4 level.
Image and article originally from seekingalpha.com. Read the original article here.