US Equity Indexes, Treasury Yields Mixed in Midday Trading

MT Newswires Live11-09

US equity indexes and government bond yields traded mixed after midday on Friday while crude oil futures sharply declined.

The Nasdaq Composite was off 0.1% at 19,251.2, while the S&P 500 rose 0.3% at 5,991.3 and the Dow Jones Industrial Average climbed 0.6% higher at 43,969.1. Real estate, utilities, and consumer discretionary led the gainers intraday, while materials led the decliners.

US Treasury yields were mixed, with the 10-year down 2.9 basis points to 4.31% and the two-year rate 1.7 basis points higher at 4.24%.

In economic news, the University of Michigan's preliminary consumer sentiment index rose to 73.0 in November from 70.5 in October, above expectations for an increase to 71.0 in a survey compiled by Bloomberg. Respondents saw one-year inflation expectations at 2.6%, down from 2.7% in October, while five-year inflation expectations increased to 3.1% from 3%.

In company news, Axon Enterprise (AXON) reported a surge in Q3 adjusted earnings and sales, and raised its 2024 revenue outlook. Shares soared 21% intraday, the top performer on the S&P 500.

Akamai Technologies (AKAM) sank 13% intraday, the worst performer on the S&P 500, after the company's Q4 non-GAAP earnings and sales guidance missed expectations amid a lowering of the full-year earnings forecast.

West Texas Intermediate crude oil slumped 3% to $70.13 a barrel.

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