• Wall Street equities closed mixed on April 24, with the DJI fell by -0.11%, the S&P 500 edged by +0.02%, and the Nasdaq closed up by +0.10%.
• US stock indexes saw a modest gains on Wednesday, with the S&P 500 and Nasdaq 100 hitting 1-week highs. The tech sector's strength buoyed the overall market. However, broader market gains were tempered by the pressure from rising bond yields.
• US Treasury 10-yr yields advanced by +4.0 bps to 4.65%, while 2-yr yields grew by +3.0 bps to 4.89%. Bond yield edged higher on Wednesday, T-notes prices were pressured by declining 10-year German bunds and supply pressures from the Treasury’s USD70bn auction of 5-year T-notes, resulting in moderate losses with tepid demand.
• US Mar capital goods new orders nondefense ex-aircraft and parts, which is considered a proxy for capital spending, increased by +0.2% MoM, meeting expectations.
• US weekly MBA mortgage applications dropped by -2.7% for the week ending April 19, with the average 30-year fixed mortgage rate climbing to a 5-month high of 7.24%, up from 7.13% in the previous week.
• In Europe, the IFO business climate indicator for Germany climbed to 89.4 in April 2024, exceeding market expectations of 88.9 and marking the third consecutive month of increases.
• Global bond yields moved higher on Wednesday; The German bond yield rose by +8.6 bps to 2.58%, the UK 10-yr gilt yield surged by +9.30 bps to 4.33% and the Japanese 10-yr JGB yield closed up by +1.60 bps to 0.91%.
