Wall Street closes near flat as Treasury yields surge; Apple, Amazon to report

Record ID: 1736451

  • Title: Wall Street closes near flat as Treasury yields surge; Apple, Amazon to report
  • Date: 3rd August 2023
  • Summary: PLANO, TEXAS, UNITED STATES (AUGUST 3, 2023) (REUTERS) (SOUNDBITE) (English) RETIREMENT PLANNERS OF AMERICA, FOUNDER AND CEO, KEN MORAIF, SAYING: “I think several factors are driving it (today’s market). You know, the Fitch downgrading of the US credit rating probably played into a little bit of angst. I think profit taking, we've had a fantastic run so far this year. So, you know, any little thing that tickles the nerve of maybe this bull run that we've had has been overdone. I think people will do some selling, but wait till they get the inflation shock. That's when you're going to see a big drop when the inflation numbers trend back upwards again. We think there's going to be a correction. And by the way, we view it as a buying opportunity, not a panic opportunity.” WHITE FLASH (SOUNDBITE) (English) RETIREMENT PLANNERS OF AMERICA, FOUNDER AND CEO, KEN MORAIF, SAYING: "The way I described it to our clients is that if I was the pilot of an airplane and you were the passenger, it's going to get very bumpy. Put on your seatbelt but the airplane is not going to crash. We're still going to get to our destination, which I think will be higher than it is today. Both the S&P and the Dow." 5 WHITE FLASH (SOUNDBITE) (English) RETIREMENT PLANNERS OF AMERICA, FOUNDER AND CEO, KEN MORAIF, SAYING: “If you look at housing data, it's still strong. You look at unemployment numbers, they're still strong. You look at wages, they're still strong. Those are the major drivers of inflation. And that's what the Fed is trying to do, is to get inflation down to 2%. And if you look at the mathematics of how they calculate inflation, you'll see that it's almost, I won't say a certainty, but it's I'm relatively sure that we're going to see inflation start to pick up again, which means, yes, the Fed will probably have to raise interest rates one or two more times.”
  • Embargoed: 17th August 2023 21:03
  • Keywords: Dow Nasdaq S&P 500
  • Location: NEW YORK, NEW YORK + PLANO, TEXAS, UNITED STATES
  • City: NEW YORK, NEW YORK + PLANO, TEXAS, UNITED STATES
  • Country: US
  • Topics: Economic Events,North America,Equities Markets
  • Reuters ID: LVA002210103082023RP1
  • Aspect Ratio: 16:9
  • Story Text: U.S. stocks closed nearly flat on Thursday (August 3) after a choppy trading session, as investors weighed another rise in Treasury yields with the latest batch of economic data and earnings.
    The benchmark U.S. 10-year Treasury yield rose as high as 4.198% during the session, the highest since November, extending its climb from a day earlier following Fitch's downgrade of the top-tier U.S. credit rating. In late afternoon trade, the 10-year yield had dipped below 4.194.
    The S&P 500 lost 11.65 points, or 0.26%, to end at 4,501.74 points, while the Nasdaq Composite lost 13.73 points, or 0.10%, to 13,959.71.
    The Dow Jones Industrial Average fell 66.63 points, or 0.19%, to 35,215.89.
    (Production: Kyoko Gasha, Lisa Bernhard)
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