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October 12 is a holiday in the US - Columbus Day. The stock market is open, but government bond trading is closed, so investors are temporarily left without one of the main benchmarks of recent weeks - Treasury yields.
Initial jobless claims in the US came in at 197K versus a forecast of 200K. The market read the data as a signal of no mass layoffs: government bond yields rose, while US indices moved lower.
The yield on 30-year US Treasury bonds has risen to 5.70%, the highest level since 2002. Rising yields increase pressure on gold, raise borrowing costs and make stocks less attractive relative to government debt.
On October 2, the Nasdaq 100 updated its all-time high, and Nvidia shares also reached a new record. Both moves occurred in the first minutes of the main US session and were closely linked to each other.
In crypto, leverage is applied to an individual position, while in stocks, Buying Power sets the overall limit for all open positions in the account. Let's break down the difference with a simple example.
