P 500 shook off an early loss and inched up 0.3 per cent as of 5am AEDT. The Dow Jones Industrial Average was up 0.4 per cent and the Nasdaq fell 0.1 per cent. The SMarkets are heading for a long weekend and will be closed on Monday for the Christmas holiday.
Also, growth in consumer spending weakened last month by more than expected, but incomes were a bit stronger than expected. Markets are in a tricky situation where relatively solid consumer spending and a strong employment market reduce the risk of a recession but also raise the threat of higher interest rates from the Fed.
Treasury yields rose following the reports. The yield on the 10-year Treasury, which influences mortgage rates, rose to 3.74 per cent from 3.69 late Thursday. The yield on the two-year Treasury, which tends to track actions by the Fed, rose to 4.32 per cent from 4.28 per cent. “The stock market is in a tough spot,” he said “If the consumer starts slowing down, earnings are likely to decrease, but if the consumer remains strong, the Fed has to remain strong and interest rates keep rising.”
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