Shares reversed early gains after hardline Republicans voted against a stop-gap spending measure, signalling the probability of a protracted shutdown.
Shares in New York reversed early gains and were lower in afternoon trade as the prospect of a federal government shutdown cast a shadow as did widening strike actions by autoworkers.Tesla +0.8% Apple -0.01% Amazon +0.9% Nike +6.9%LPL Financial chief technical strategist Adam TurnquistP 500 is coming into month end with a loss of over 4 per cent and a decent amount of technical damage.
The yield on the US 10-year note was 1 basis point lower to 4.56 per cent at 2.29pm in New York. The 30-year yield was at 4.70 per cent.had a dire view of the yield surge: “If [the] 30-year US Treasury yield hits 5 per cent, then [the] cumulative loss from holding US government paper equals 50 per cent in 3 years…such a fine line between ‘US exceptionalism’ and ‘US debasement’.”
In Washington, House Republican leader Kevin McCarthy failed to secure support for a proposal to extend government funding for a month, even after concessions to secure support from a small group of ultraconservatives.
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