Title: Stock Futures Fall as 10-Year Treasury Yield Surges Above 4%
In a slight downturn for the market, the Dow Jones, S&P 500, and Nasdaq futures all fell on Friday, as the 10-year Treasury yield exceeded 4%. Investors are closely watching the December jobs report and anticipating the Securities and Exchange Commission’s (SEC) approval of the first spot Bitcoin exchange-traded funds (ETFs).
Despite the overall decline, several stocks managed to find support at key levels. Novo Nordisk, Eli Lilly, Spotify, and MercadoLibre were among the companies that saw some stability in their share prices.
Dow Jones futures dipped by 0.25%, while S&P 500 futures and Nasdaq 100 futures both retreated by 0.3%. The expected approval of spot Bitcoin ETFs could potentially attract more institutional support to the market.
Investors are eagerly awaiting the release of the December jobs report, which is expected to show a rise in nonfarm payrolls. However, the rate of growth is projected to be slower compared to the previous month’s data.
Thursday’s market rally ended with mixed results, as major indexes closed at session lows. Although some quality stocks made bullish moves, further market movement and sustained progress are needed for significant gains.
In other market news, U.S. crude oil prices experienced a decline of 0.7% to $72.19 a barrel. Additionally, the 10-year Treasury yield rose to 3.99%, inching closer to the significant 4% level.
Meanwhile, the cryptocurrency market witnessed some noteworthy performances. The Ethereum-based token PAYS gained an impressive 108%, securing the top spot in CoinMarketCap’s rankings. The best returns were observed in tokens connected with the gaming and non-fungible token (NFT) sectors. Surprisingly, 25 digital currencies outperformed Bitcoin in terms of their returns.
Overall, the market experienced a slight setback on Friday, driven by the surge in the 10-year Treasury yield. Attention is now shifting to the December jobs report and the highly anticipated approval of the first spot Bitcoin ETFs by the SEC. Investors are eagerly waiting to see how these developments will shape the future momentum of the market.
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