Market Jitters Amid Mixed Index Performance and Weaker Economic Data
Major stock indexes showed mixed results with record highs in world equity index and Dow, while other U.S. indexes weakened. Treasury yields fell as U.S. data implied softer economy. Investors await U.S. jobs report. Technology shares dip due to AI spending fears; Marriott stock climbs on strong earnings.
On Tuesday, major stock indexes offered a mixed bag, with the world equity index and the Dow reaching record highs. In contrast, other prominent U.S. indexes showed signs of weakness, accompanied by a drop in Treasury yields, reflective of data pointing to a potential softening of the U.S. economy.
Currency markets saw movement as the yen gained following the decisive electoral victory of Japanese Prime Minister Sanae Takaichi, while the dollar slipped against most major currencies. U.S. Commerce Secretary Howard Lutnick suggested the weaker dollar could promote U.S. exports, spurring economic growth.
Anticipation is building for the nonfarm U.S. payrolls report due Wednesday, with economists like Peter Cardillo predicting a weaker-than-expected outcome, potentially paving the way for a Federal Reserve rate cut later this year. Amid tech stock pressures linked to AI investment concerns, Marriott International emerged as a notable gainer, jumping 8.5% after robust earnings reports.
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