U.S. 10-Year Yield Hits One-Month Low; Golden Dragon Index Falls for Seventh Day

U.S. Treasury yields narrowed, with the 10-year yield falling to a one-month low, while the yield spread widened; the Nasdaq Golden Dragon China Index fell for a seventh straight session to its lowest level in more than 18 months, according to Ming Pao. The Dow Jones Industrial Average set a new intraday high, while the S&P 500 and Nasdaq each fell for a fourth consecutive session. The U.S. PCE inflation rate rose to its highest level in more than three years, but a moderate month-on-month increase cooled expectations for interest-rate hikes. Renewed security risks in the Strait of Hormuz, including an attack on a cargo ship, helped drive a rebound in oil prices. Ming Pao said optimism sparked by Micron’s strong revenue outlook was damped by Apple price increases.