Global stock markets were mixed on Thursday as Wall Street remained closed to honor the late former President Jimmy Carter.
The Context
The U.S. stock market was closed Thursday in observance of a National Day of Mourning for Carter who died at the age of 100 late last month.
What To Know
European markets rose modestly while Asian markets mostly dropped on Thursday. Meanwhile, the S&P/ASX 200 in Australia was down 0.2 percent to 8,329.30.
European Stocks
Germany’s DAX climbed just 0.1 percent to 20,342.60 while France’s CAC 40 rose 0.6 percent to 7,500.22 and Britain’s FTSE 100 increased 0.8 percent to 8,319.89.
Asian Stocks
Tokyo’s Nikkei 225 index slid 0.9 percent to 39,605.09. Hong Kong’s Hang Seng index dropped 0.2 percent to 19,240.89 while the Shanghai Composite index dipped 0.6 percent to 3,211.39.
South Korea’s Kospi rose just 0.1 percent higher to 2,521.90 while Taiwan’s Taiex dropped 1.4 percent. India’s Sensex dropped 0.7 percent and Bangkok’s SET sank 1.8 percent.
A woman walks past a stock index board showing South Korea’s benchmark stock index (KOSPI) after a ceremony celebrating the New Year’s opening of the South Korea stock market at the Korea Exchange in Seoul on January 2, 2024. Global stock markets were mixed on Thursday as Wall Street remained closed to honor the late former President Jimmy Carter.
Jung Yeon-je/AFP via Getty Images
U.S. Treasury Bonds
U.S. Treasury bond trading will end early Thursday at 2 p.m. Eastern time in honor of Carter. Treasury yields have eased following a strong recent run. Yields have been pushed higher amid several better-than-expected economic reports and worries that President-elect Donald Trump‘s preferred economic policies could increase inflation.
The yield on the 10-year Treasury dropped to 4.65 percent Thursday after exceeding 4.70 percent on Wednesday when it came close to its highest level since April.
Higher yields negatively impact the stock market by making it more pricey for companies and households to borrow, and investors who may otherwise buy stocks are more likely to invest in Treasury bonds when yields are higher.
What People Are Saying
Stephen Innes of SPI Asset Management, a wealth management firm, said in a commentary: “Investors continue to navigate the unpredictable ‘what if’ trading landscape molded by Trump’s presidency — where the initial enthusiasm for tax cuts is now overshadowed by mounting concerns over proposed tariffs and bizarre geopolitical aspirations, like purchasing Greenland or exerting more control over the Panama Canal.”
What Happens Next
The U.S. stock market will be back up and running on Friday when the jobs report for December comes out. This government report looks at the number of people on payrolls in the U.S., the average number of hours they worked weekly and their average hourly earnings. The jobs report, which also estimates the unemployment rate, is sure to have an impact on Wall Street.
This article includes reporting from The Associated Press.