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Stocks retreated Friday morning after bond yields moved higher.
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Mixed initial data on unemployment benefits sent 10-year Treasury yields to a seven-month high on Thursday.
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Investors are still looking forward to a Sinterklaas rally before the end of the year.
U.S. stocks fell Friday morning after quite a run during the holiday-shortened week.
Investors pared gains after Thursday’s mixed jobless benefits data, which pushed 10-year Treasury yields above 4.6% to a seven-month high. Interest rates fell slightly on Friday.
Initial jobless claims last week came in at 219,000, below consensus estimates of 225,000.
The increasing bond sell-off this month also comes in response to aggressive signals from the Federal Reserve. Although the central bank cut rates last week, this signaled reduced chances of broad easing in 2025.
Meanwhile, stock investors are still waiting for a “Santa Claus rally,” a five-day trading period marked by big gains at the end of the year.
Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:
Here’s what else happens:
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