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Stocks remained muted Thursday, as rising yields on long-term Treasury bonds dampened risk appetite.
The yield on the U.S. 10-year Treasury note soared to 4.31%, the highest since October 2007. The 30-year yield rose to over 4.4%, its highest point since March 2011.
Both the S&P 500 and the Nasdaq 100 were near flat during midday trading, while energy outperformed all other sectors, driven by rising oil and natural gas prices.
Investors continue to maintain a cautious stance after the latest FOMC minutes revealed that a majority of Fed officials continued to highlight “significant upside risks to inflation, which could require further tightening of monetary policy.“
Cues From Thursday's Trading:
The S&P 500 traded flat, while both the Nasdaq 100 and the Dow Jones Industrial Average softened 0.1%. Small caps continued to ease, with the Russell 2000 down 0.3% on the day.
US Index Performance On Thursday
| Index | Performance (+/-) | Value |
| Nasdaq 100 | -0.11% | 14,859.75 |
| S&P 500 Index | -0.01% | 4,405.13 |
| Dow Industrials | -0.07% | 34,743.24 |
| Russell 2000 | -0.25% | 1,866.18 |
Thursday’s Trading In Major US Equity ETFs: In midday trading on Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.1% higher to $440, the SPDR Dow Jones Industrial Average ETF (NYSE:DIA) held steady at $348 and the Invesco QQQ Trust (NASDAQ:QQQ) was 0.1% lower to $362, according to Benzinga Pro data.
The Energy Select Sector SPDR Fund (NYSE:XLE) rose 2.1%, marking the best performance among the S&P 500’s sectors. Gains also were also seen in the Utilities Select Sector SPDR Fund (NYSE:XLU) and the Materials Select Sector SPDR Fund (NYSE:XLB), up 0.6% and 0.7%, respectively.
Rate sensitive sectors, such as the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY), the Technology Select Sector SPDR Fund (NYSE:XLK), fell 0.3% and 0.2%, respectively.
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Crude oil rose 1.7%, with a barrel of WTI-grade crude trading at $80. The United States Oil Fund ETF (NYSE:USO) was 1.7% higher to $72.56.
Treasury yields rose, with the 10-year yield up by 6 basis points to 4.31% and the 30-year yield up by 5 basis points to 4.41%. The iShares 20+ Year Treasury Bond ETF (NYSE:TLT) was 0.3% higher for the day.
The dollar fell slightly, with the U.S. dollar index, which is tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), down 0.1%. The EUR/USD pair, as tracked by the Invesco CurrecyShares Euro Currency Trust (NYSE:FXE), was 0.1% lower to 1.0876.
European equity indexes closed in the red. The SPDR DJ Euro STOXX 50 Etf (NYSE:FEZ) fell 0.6%.
Gold fell 0.2% to $1,887/oz. The SPDR Gold Trust (NYSE:GLD) was 0.2% lower to $175. Silver rose 1.1% to $22.65, with the iShares Silver Trust (NYSE:SLV) up 1% to $20.8. Bitcoin (CRYPTO: BTC) was 2.8% lower to $27,917.
Staff writer Piero Cingari updated this report midday Thursday.
Photo: Shutterstock
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