Stocks Mixed, Treasuries Decline as Fed Stands Pat: Markets Wrap
- Apple’s rally to a record can’t overcome trade-war concerns
- Ten-year Treasury yield reaches 3% for first time since June
This article is for subscribers only.
U.S. stocks were mixed as worsening trade tensions between the world’s two largest economies stung manufacturers while tech shares rallied on the back of a positive earnings report for Apple Inc.
The yield on 10-year Treasuries touched 3 percent for the first time since June and stayed at that level after the Federal Reserve held borrowing costs steady while signaling its intention to raise rates amid robust economic growth, as analysts had predicted. The S&P 500 Index edged lower, bogged down by industrial companies that would bear the brunt of expanded tariffs, while the tech-heavy Nasdaq Composite Index climbed as Apple jumped to a record.