The major US stock indices are closing lower as CPI data was a bit higher than expectations and then the lower demand for the 30 year auction reminded traders that the US treasury supply is not going to be lower anytime soon, and if you start losing buyers (like the Fed and foreign buyers), that could lead to higher rates (all things equal).
At the time of the auction results, the Nasdaq was holding onto a gain. After, the auction, prices moved into negative territory and reached a low of -168.12 points at session lows before bouncing into the close.
The S&P was also trading near intraday highs of 8.91 points and reached a low of -51.51 after the auction.
The final numbers are showing:
- Dow industrial average fell -173.75 points or -0.51% at 33631.15
- S&P fell -27.34 points or -0.62% at 4349.60
- Nasdaq fell -85.47 points or -0.63% at 13574.21
The 4-day string of up days was snapped, but indices are still higher on the week with 1-day to go.
- Dow is up 0.67%
- S&P is up 0.95%
- Nasdaq is up 1.06%
TGIF to our friends in the Asian Pacific region. As for those in North America and Europe, one more day to the weekend.
