Linea Mercati Interview 4/4/24
April 4, 2024Linea Mercati Interview 4/4/24
April 5, 2024U.S. stock erased earlier gains, putting the Dow on pace for a fourth straight day of losses ahead of Friday’s monthly jobs report.
“We can’t blame yields, because they are lower,” said Peter Cardillo, chief market economist at Spartan Capital Securities, pointing to the 10-year Treasury note’s roughly 1-basis-point decline to a 4.34% yield.
The benchmark borrowing rate has added about 50 basis points from its lows of the year as investors rethink how many rate cuts from the Federal Reserve look likely, putting pressure on parts of the stock market.
“I think the rally petered out because of tomorrow’s employment data,” Cardillo said.
The Dow Jones Industrial Average was down 307 points, or 0.8%, while the S&P 500 was off 0.5% and the Nasdaq Composite was 0.3% lower, according to FactSet.
