Soaring US Treasury Drag Wall Street Lower

The New York Stock Exchange started trading Thursday in a bearish trend, generally impacted by soaring US Treasury bond yields at the beginning of the current session’s trading.

The US stock exchange indices fell to lower levels compared to the positive closing achieved last Wednesday, which came as a result of a general improvement in the labour market conditions in the United States, supporting bets on raising interest rates at a faster pace at the next FOMC meeting.

The Dow Jones, S&P 500 and Nasdaq Heavy Technology Indexes fell 0.1%, 0.7%, and 1.1%, respectively.

The Fed aims to exploit the improvement in labour market conditions in order to curb sharp rises in the inflation rates, which makes any improvement in employment data an impetus for the Fed to increase the pace of raising interest rates.