Yen gains as oil and AI concerns weigh on markets
The dollar advanced against the euro as concerns over France’s finances intensified, with the French-German bond yield gap reaching its widest since 2011.
Stocks mixed as tech rebounds and oil rises after Houthi attacks
The Nasdaq gained 0.21% while the Dow fell 0.9%. Brent reached its highest level in more than five months as Middle East supply concerns intensified.
Global equities were mixed on October 23 as technology stocks recovered some ground following a selloff, while oil prices advanced after Houthi attacks in Saudi Arabia raised concerns about energy supplies. US Treasury yields also moved higher.
The Nasdaq Composite gained 0.21% to 26,062.75, but the Dow Jones Industrial Average declined 0.9% to 52,391.73. The S&P 500 slipped 0.14% to 7,652.96. Semiconductor stocks rose about 1% after the sector's sharpest daily percentage decline since June, prompted by a Meta Platforms report that renewed concerns about the AI trade.
Brent crude climbed 2.74% to $116.27 per barrel, its highest in more than five months. US crude increased 2.56% to $102.02 a barrel. Authorities in the United Arab Emirates also reported an oil spill. Art Hogan, chief market strategist at B. Riley Wealth in Boston, said anxiety about AI persisted and rising energy costs posed a headwind to economic activity.
American Express shares dropped 3.5% following its results. Telecom stocks, including Verizon, also declined after a media report said SpaceX was discussing a US wireless carrier program with cellular infrastructure companies. European equities weakened, with the STOXX 600 losing 0.4%.
The US 10-year Treasury yield rose 3.7 basis points to 4.992%. French yields fell 5 basis points to 5.04%, although concerns about France's finances remained in focus. The euro slipped 0.12% to $1.12 and was heading for a weekly decline of 0.35%.