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US stocks closed mixed on Friday, as investors tried to shake off Evergrande worries after the company failed to meet a payment deadline.
The 10-year Treasury note yield rose to 1.459% while the 30-year Treasury yield reached 1.989%.
The news that China would ban all crypto transactions caused Bitcoin, Ethereum, and other altcoins to tumble.
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US stocks closed mixed the final trading day of the week, as investors tried to shake off Evergrande worries after the Chinese property giant was unable to meet its deadline.
After the Dow gained 506 points during the previous session, the S&P 500 managed to edge slightly higher as did the Dow Jones Industrial Average. However, the technology-heavy Nasdaq Composite closed lower for the third week in a row as Treasury yields rose.
Here are the US indexes at 4:00 p.m. ET closes Friday
Global markets have been impacted by the Evergrande debt crisis over the past week. The Dow saw its largest two-day jump in March, despite a massive sell-off Monday in US stocks.
The Wall Street Journal reported that concerns remained around the Chinese property giant despite investors in its US-dollar bonds not receiving interest payments. Evergrande has a grace period of 30 days to fulfill its obligations. It will default if it does not pay within the grace period.
In a Friday note, Edward Moya, senior foreign exchange analyst at Oanda, stated that "The Evergrande crisis will not have a quick solution and that uncertainty would continue to weigh on Asia." The growing stress in China's property sector is also impacting risk appetite.
Jeremy Siegel, a Wharton finance professor, said that he doesn't believe the Federal Reserve's inflation outlook to be "credible" and thinks the central bank is at risk of reducing its monetary policy far too soon. CNBC will be shocked by this, he said.
Investors lost ground on Friday after US government bonds fell following the Federal Open Market Committee's forecast that half of officials expected the first rate increase next year.
The 10-year Treasury note yield rose to 1.459% while the 30-year Treasury bond yield reached 1.989%. Prices are inversely related to yields.
Also affecting markets is China's central bank announcement Friday declaring all cryptocurrency-related transactions illegal - its strongest move yet against the digital asset sector. Below is a timeline that shows the history of previous attempts by this Asian nation to control crypto.
Marathon Digital, Riot Blockchain and Bit Digital all fell below 7%. Coinbase, Robinhood and MicroStrategy also fell.
Bitcoin dropped below $42,000, while ether hovered at $2,800. Other altcoins like ripple, dogecoin and solana also suffered.
Oil prices were higher. West Texas Intermediate crude oil rose 0.80% to $73.89 a barrel. Brent crude oil, the international benchmark for oil, rose 0.89% to $77.94 a barrel.
The price of gold was mostly flat at $1,746.18 an ounce, up 0.02%
