The surprise drop in Netflix shares yesterday affected Wall Street which closed in mixed conditions, while bond yields fell after going through a strong session earlier.
Wall Street saw the Dow Jones Industrial average index end higher for the second time at 0.71% while the S&P 500 remained at 0.06% and the Nasdaq Composite plunged sharply at 1.22% following reports of declining consumer subscriptions by streaming giant Netflix.
Shares in Asia saw Japan's Nikkei 225 at 27,217.85 as of this morning, while MSCI's global stock index was strong at 0.28%.
Meanwhile, U.S. Treasury yields fell after hitting a 3 -year high following the emergence of purchases, with the benchmark 10 -year yield ending at 2.8436% after it hit 2.981% overnight.
Meanwhile, the Federal Reserve (Fed) which has published the ‘Beige Book’, a calculation of the economic situation from late February to early April, on Wednesday has given investors a glimpse of the economic outlook.
According to the report, economic conditions are growing at a moderate pace despite businesses being sidelined by high inflation and labor shortages.
As a result, the Fed is expected to continue raising rates at its next meeting in a bid to curb inflation despite some more hawkish -toned officials.
For Mary Daly, the usually dovish -toned President of the San Francisco Fed, she also backed the Fed’s overnight interest rate of up to 2.5% by the end of the year, further underscoring how aggressive the Fed will move in its fight against inflation.
The currency summary saw the dollar retreat slightly after it hit a new high in 2 decades to the Yen, the result of a stimulus to ultra-loose interest rate policy measures by the Bank of Japan (BOJ).
The dollar index, which tracks a total of 6 other currencies, was down 0.64% at 100.311.
Spot gold was up 0.4% at $ 1,956.80 an ounce after hitting a week -long low on declining bond yields.
