The stock market has risen over the last year, helping to break the 36,000 barrier.
IANS News Agency
US stocks traded mixed as bond yields rose after President Joe Biden nominated Powell for a second term as chairman of the Federal Reserve.
The S&P 500 fell after closing down in the previous session. The tech-laden Nasdaq-100 was dragged down by shares of Zoom after the video teleconferencing firm announced an expected revenue slowdown. Tech shares are more sensitive to higher interest rates.
The US indexes were at 9:30 a.m. On Tuesday, it will be open.
The 10-year Treasury note yield rose marginally to 1.648%, well above a recent low of 1.418%, as investors continued to bet that the Fed will hike interest rates in June.
Peter van Dooijeweert, a managing director at the investment company Man Group, told Insider that the market is reading it in a certain way. They expect him to be more cautious and that the rate rises will come earlier.
Powell's term as Fed chair was set to end in February 2022. The investors were unsure if Biden would choose a more progressive candidate or not.
In cryptocurrencies, the price is up 1.21% Tuesday to $56,959, but is down 16% from its record high of $68,600 on November 10.
Beckham is the latest celebrity to take his salary in the digital currency. The football player said he would give away $1 million worth of the currency to his fans.
The price of West Texas Intermediate crude oil rose as much as 0.21%. The international benchmark for crude oil, called Brent, jumped as much as 0.50%.
The price of gold fell as much as 1.18%.
Business Insider has an original article.
