Markets Wrap: US Tech Stock Slips, Asia Stocks are Set to Open Muted

Global share markets were mixed ahead of the US FOMC meeting. US technology stocks fell after earning releases, Tesla fell by 4.5% with 3M down 2.6%. The S&P500 and Nasdaq fell by 0.9 points and 48.5 points from record high respectively. While the Dow rose by 3 points or 0.1%. Index futures in Japan, Hong Kong, and Australia are pointing towards a flat start.

US Treasury yields climbed overnight. US 10-year yields rose by 6 points to near 1.63%. Meanwhile, US 2-year yields were flat near 0.18%. This renewed rise in yields is in anticipation of the updates on government and central bank stimulus this Wednesday.

According to ZERO Markets’ MetaTrader 5 platform, the US dollar was mixed against major currencies overnight. EUR/USD rose from lows near 1.2056 highs around $1.2090. AUD/USD fell from highs near $0.78 to lows around $0.776. 

Commodity trading on Friday saw global oil prices rose 1.5% higher after strong US economic data. The OPEC+ producer group is looking to stick to plans to raise output slightly from May 1. Brent crude rose 1.2% to $US 66.41 a barrel.

Base metal prices rose between 0.2 – 1.8% on Tuesday on the prospects of a large US infrastructure package. Precious metals including gold, were flat near $US1778.8 an ounce. Iron ore prices lifted 1.3% to an all-time high of 193.85 a tonne.

Key events this week:
  • FOMC meeting (Wednesday)
  • US first-quarter GDP (Friday) 

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