Episode Details

The S&P 500 lost 0.16% to finish at 5,520.07, while the Nasdaq Composite slipped 0.3% to close at 17,084.30. The Dow Jones Industrial Average was the outlier, edging up 38.04 points, or 0.09%, to end at 40,974.97.

Stocks bounced off their lows as the so-called yield curve of the Treasury market momentarily returned to a normal state. The curve had been inverted with the rate on the 10-year note lower than the 2-year yield. This is a common recession signal and had worried investors. On Wednesday, the 10-year yield returned to even with the 2-year yield at one point and briefly went slightly higher.

Economic growth slowed across the country while prices rose “modestly” and employers grew more reluctant to hire and choosier about who they selected for job openings, the Federal Reserve reported in the Beige Book.

ASX to inch higher. SPI Futures up 2 points (+0.03%).

COMMODITIES

• Chile's top court rejects Tianqi appeal to halt SQM-Codelco deal, newspaper says.
• Gold rebounds from lows after weak US jobs openings data.
• Copper steadies after hitting three-week low on global growth worries.
• Crude futures settle down by more than $1/bbl on demand fears.
• OPEC+ reportedly discussing delaying planned oil output hike in October, according to sources.
• Citi says average price of oil could drop to $60 per barrel in 2025 due to weak demand and increased supply.

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