LIVE MARKETS-Main US indexes modestly red, but yields take a tumble

ReutersFeb 5, 2025 3:17 PM

Main US indexes modestly lower; Nasdaq off ~0.7%
Jan ISM N-Mfg PMI 52.8 vs 54.3 estimate
Euro STOXX 600 index up ~0.1%
Dollar down; crude down >1%; gold rises >1%; bitcoin up >1.5%
US 10-Year Treasury yield slides to ~4.42%

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MAIN U.S. INDEXES RED, BUT YIELDS TAKE A TUMBLE

Wall Street's main indexes are modestly lower early on Wednesday, with the tech-heavy Nasdaq .IXIC leading losses following disappointing forecasts from Alphabet GOOGL.O and AMD AMD.O in a busy day for corporate earnings.

Meanwhile, the U.S. 10-Year Treasury yield US10YT=RR has hit 4.41%, or its lowest level since December 18. The yield is now around 4.42%.

This after ADP private payrolls rose by 183,000 jobs last month, compared with an estimated 150,000 increase, as per economists polled by Reuters.

An ISM survey on U.S. services activity for the month came in below the estimate. The all-important January nonfarm payrolls report is expected to be released on Friday.

Markets are also looking for any new developments on the tariffs front. U.S. President Donald Trump said on Tuesday he was in no hurry to speak to Chinese President Xi Jinping to try to defuse a new trade war between the countries.

S&P 500 .SPX sectors are mixed with communication services .SPLRCL, down more than 3%, aided by a more than 8% drop in Alphabet GOOGL.O shares, taking the biggest hit.

Real estate .SPLRCR, up 0.8%, is the biggest gainer.

Gold stocks .HUI, with spot gold XAU= hitting record highs, are an outperformer.

Despite all the recent angst, the Dow .DJI is sitting down only around 1.3% from its record closing high. The S&P 500 is down around 1.8% from its record finish, while the Nasdaq composite .IXIC is down around 3.3% from its record close.

Here is an early market snapshot:

(Terence Gabriel)

FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:

NASDAQ COMPOSITE: CONFRONTING AN INTERNAL STRUGGLE - CLICK HERE

"MORE PAY": UK CONSUMER EYES BOOST - CLICK HERE

FX TRADERS' HORIZONS "AS SHORT AS THEY'VE EVER BEEN" - CLICK HERE

GOLD MINERS: MIND THE GAP - CLICK HERE

BIG GAINERS BUT STOXX 600 FLAT - CLICK HERE

EUROPE BEFORE BELL: EARNINGS KEEP YOU BUSY - CLICK HERE

MARKETS CONFOUNDED BY TRUMP'S GAZA PROPOSAL - CLICK HERE

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