U.S. Treasury yields pushed to a near four-week peak on Wednesday, lifting their Asia-Pacific counterparts and the dollar while pressuring equities, as data sowed new doubts about the timing and extent of Federal Reserve rate cuts. Benchmark U.S. 10-year yields ticked as high as 4.556% in Tokyo trading hours, a level not seen since May 3, following poorly received two- and five-year Treasury auctions overnight. Investors were also caught off-guard by a sharp improvement in a U.S. consumer confidence measure for May. Economists had predicted a fourth straight month of weaker confidence, particularly after a tepid reading for the University of Michigan's analogous survey result from Friday.
While Nvidia continued to drive the Nasdaq higher, the Dow undercut support. Hot IPO Cava fell late on earnings.
NEW YORK (AP) — Donald Trump engaged in a conspiracy “to hoodwink voters” in 2016, a prosecutor told jurors Tuesday during closing arguments in the former president’s hush money trial, while a defense lawyer branded the star witness as the “greatest liar of all time” and pressed the panel for an across-the-board acquittal.