FINWIRES · TerminalLIVE
FINWIRES

Update: Equities Rise Intraday as Yield Rally Fades

By
Update: Equities Rise Intraday as Yield Rally Fades

(Updates with latest market prices and developments.)

US benchmark equity indexes were higher intraday as a rally in Treasury yields lost steam, while commodity traders continued to track developments in the US-Iran conflict.

The S&P 500 was up 0.4% at 7,661.4 after midday Wednesday. The Dow Jones Industrial Average and the Nasdaq Composite gained 0.3% each to 52,947.5 and 26,182.3, respectively. The indexes finished Tuesday trading in the red for the third consecutive session.

Most sectors were in the green intraday, led by materials, while real estate saw the steepest decline.

Treasury yields were little changed intraday, with the two-year yield at 4.39% and the 10-year yield at 4.79%. Earlier Wednesday, the 10-year rate hit 4.818%, its highest level since November 2023, CNBC reported.

"While easing slightly after hitting multi-year peaks, yields remain elevated," Stifel said in a note on Wednesday.

Iran has expanded the number of vessels it says must not sail through the Strait of Hormuz, Reuters reported Wednesday.

The US Central Command said Tuesday that its forces completed a wave of strikes against Iranian military targets. Iran reportedly launched retaliatory attacks on Kuwait, Jordan and Bahrain.

West Texas Intermediate crude oil was up 1.1% at $91.17 a barrel intraday Wednesday, while Brent advanced 1.2% to $95.81.

In company news, shares of Dell Technologies (DELL) were up 9.2% intraday, the best performer on the S&P 500, after the company's fiscal second-quarter results beat Wall Street's estimates.

Palo Alto Networks (PANW) slumped nearly 11%, the steepest decline on the S&P 500, as the cybersecurity firm's fiscal fourth-quarter adjusted gross margin declined year over year.

Brown-Forman (BF.A, BF.B) reiterated its guidance for fiscal 2027 organic sales on Wednesday as it flagged continuing consumer headwinds that drove weaker-than-expected first-quarter top-line. The company's class A and B shares were up 3.2% and 3.4%, respectively.

Broadcom (AVGO), Snowflake (SNOW), Hewlett Packard Enterprise (HPE) and Five Below (FIVE) are scheduled to release their quarterly results after markets close Wednesday.

In economic news, US private sector employment grew at its slowest pace in seven months in August, ADP (ADP) data showed, ahead of the official jobs report due on Friday.

Data from the Bureau of Labor Statistics are likely to show Friday that the US economy added 55,000 nonfarm jobs last month, compared with a drop of 23,000 for July, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.1%.

Spot gold rose 0.9% to $4,368.15 per troy ounce, while silver edged up 0.1% to $65.44 per ounce.

Related Articles

Mapletree Investments Snags $500 Million in Equity Commitments for Logistics Fund
US Markets

Mapletree Investments Snags $500 Million in Equity Commitments for Logistics Fund

Mapletree Investments raked in more than $500 million in equity commitments for the first close of its logistics fund for emerging Asian markets, according to a Tuesday statement.The commitments include $250 million from the first close of the Mapletree Emerging Growth Asia Logistics Private Trust (MEGA), and another $250 million from a joint venture and direct co-investments for Malaysian projects, drawing investors across sovereign wealth funds, a pension fund, and a national investment company.MEGA will fund logistics projects across Malaysia, Vietnam, and India, where an undersupply of institutional-grade logistics space drives demand for modern facilities, Mapletree said.The fund's initial seeded portfolio includes four development projects in Malaysia, one in India, and two warehouses in Vietnam. Once the fund is fully deployed, total investment value is targeted to reach $2.1 billion.MEGA is targeting an internal rate of return targeted above the mid-teens level.Mapletree is looking to raise another $200 million during MEGA's second close by early next year.Among Mapletree's listed trusts is the Mapletree Logistics Trust (SGX:M44U), which handles 175 properties in nine Asia-Pacific markets with a 96.9% occupancy.

^STISGX:M44U
Great Wall Motor August Sales Slip Amid Weak Domestic Demand
US Markets

Great Wall Motor August Sales Slip Amid Weak Domestic Demand

Great Wall Motor's (HKG:2333, SHA:601633) August vehicle sales fell 1.9% year over year to 113,396 units, while sales for the first eight months rose 2% to 805,358 units, according to a production and sales update.Overseas sales reached 62,517 units in August, bringing the year-to-date total to 415,958 units.New energy vehicle sales rose to 40,700 units in August, with sales for the first eight months reaching 219,985 units.Among its brands, Haval sales fell 5.7% year over year to 64,960 units in August, while WEY sales declined 8.2% to 7,367 units. Great Wall Pick-up sales fell 7.8% to 12,288 units.ORA sales more than doubled to 11,018 units, up 111% year over year, while TANK sales fell 11% to 17,737 units.Production totaled 118,316 vehicles in August, up 4.5% from a year earlier. Year-to-date production reached 854,229 units, up 8.8%.China's auto market remains under pressure, with July sales falling for a 10th straight month, although the pace of decline eased, as automakers increasingly look overseas for growth amid fierce competition at home.Sales at home fell 21% last month from a year earlier to 1.5 million vehicles, while exports rose 88% to 923,000, data from the China Passenger Car Association (CPCA) showed, according to a Reuters report.The weakness highlights broader strains in China's economy, where sluggish household spending is making exports an increasingly important source of growth.

HKG:2333SHA:601633
BYD's August NEV Sales Jump as Record Exports Offset China Slump
US Markets

BYD's August NEV Sales Jump as Record Exports Offset China Slump

BYD (HKG:1211, SHE:002594) sold 440,293 new energy vehicles in August, a nearly 18% increase from a year earlier, as record exports offset a drop in domestic sales.NEV exports during the month more than doubled to 189,466 units from 80,813 units a year earlier. However, domestic sales shrank to 250,827 units from 292,813 NEVs sold a year earlier.Production volume for the month rose 25% to 440,703 units as the Chinese NEV manufacturer boosted output across its entire product lineup, according to a Hong Kong bourse filing late Tuesday.Despite the August rebound, BYD's year-to-date figures remain in contraction territory, with NEV output falling 4.7% and NEV sales down 6.8%.In contrast, BYD's commercial vehicle output and sales posted double-digit growth in the first eight months of the year.The monthly figures follow BYD's interim results released last week, in which the company reported a 7% year-over-year drop in revenue to 344.8 billion yuan and a 20.5% slump in attributable profit to 12.3 billion yuan.Citing data from the China Association of Automobile Manufacturers (CAAM), BYD at the time said it had consistently led China's NEV exports in the first half."The leapfrog growth of Chinese automotive exports was fundamentally driven by the in-depth cultivation of independent brands on the electrification and intelligentization, the robust foundation of a complete industrial chain, and continuous product iteration," BYD said in its first-half earnings report.However, BYD acknowledged the sluggish demand and intensifying competition at home.Looking ahead to the second half, BYD last week said it expects the transition to NEVs to further accelerate amid high international oil prices and the trend of energy conservation and emission reduction.

HKG:1211SHE:002594