CNBC Daily Open: U.S. Treasury bond yields rise — and stock markets fall — on January’s jobs report
U.S. stock markets are feeling the price of more expensive money.January's U.S. jobs report was so astoundingly positive on all fronts that it raised the prospect of more interest rate hikes later in the year. U.S. treasury yields, accordingly, climbed. The yield on the 10-year Treasury was up by nearly 12 basis points at 3.651% — its highest since Jan. 11. The 2-year Treasury yield was trading at 4.485% after climbing more than 18 basis points.
The rate-sensitive Nasdaq Composite posted the biggest loss of the three big indexes, sliding 1%. The S&P 500 edged down by 0.61%, and the Dow Jones Industrial Average dipped fractionally by 0.1%. Whether the markets will extend their two-day trough depends on Federal Reserve Chair Jerome Powell's speech in Washington today. If Powell appears more hawkish than he did during his press conference last week, investors can expect markets to experience a deeper — and perhaps prolonged — rout.
Even so, tech companies and investors are hoping that artificial intelligence can reignite markets. Google on Monday announced a new artificial intelligence chatbot technology named Bard. It's the company's response to OpenAI's ChatGPT, the wildly popular AI chatbot that received a multibillion-dollar investment from Microsoft. Chinese firm Baidu joined the bandwagon Tuesday and said its own AI chatbot, named Ernie, will complete internal testing in March.
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