10-year Treasury yield tops 4.80% after hot retail sales data: What happens next?

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AU Morning Wrap: ASX Opens Below 7000 as Miners Sink; Weebit Nano Soars 12%

Moomoo News AU joined discussion · Oct 18, 2023 18:49

G'day, mooers! Check out the latest news on today's stock market!
• 10-year U.S. Treasury yield tops 4.9%
• ASX opens below 7000 as miners sink
• Stocks to watch: Telix Pharmaceuticals, Weebit Nano, Qantas
- Moomoo News AU

AU Morning Wrap: ASX Opens Below 7000 as Miners Sink; Weebit Nano Soars 12%

Wall Street Summary

Long-term bond yields hit a fresh 16-year high Wednesday, weighing on stocks already pressured by the conflict in Gaza and corporate earnings results.

The 10-year U.S. Treasury yield rose to 4.902%, the highest closing level since July 2007. The $S&P 500 Index(.SPX.US)$ fell 1.3%. The $Dow Jones Industrial Average(.DJI.US)$ shed 332.57 points, or 1%. The $Nasdaq Composite Index(.IXIC.US)$ lost 1.6%.

AU Market Watch

Australia's benchmark index has dived below 7000 at the open, as Middle East tensions continue to rise, putting investors on the defensive.

$S&P/ASX 200(.XJO.AU)$ opened 84 points, or 1.2 per cent lower at 6993.5. The All ordinaries fell 1.1 per cent.

Early in trade, materials stocks were the worst hit, down 2 per cent. All 11 sectors are trading lower.

Stocks to Watch

$Weebit Nano Ltd(WBT.AU)$: Weebit Nano has surged 12.2 per cent after the company signed a commercial agreement with chip foundry DB HiTek.

$Telix Pharmaceuticals Ltd(TLX.AU)$: Telix Pharmaceuticals has dived 11.8 per cent following preliminary results from a prostate cancer trail.

$Qantas Airways Ltd(QAN.AU)$: Qantas is down 2.3 per cent after finally terminating its proposed takeover of Alliance Aviation more than six months after the consumer watchdog knocked back the proposal.