CNBC Daily Open: U.S. Treasury bond yields rise — and stock markets fall — on January’s jobs report
The bottom lineJanuary's U.S. jobs report was so astoundingly positive on all fronts that it raised the prospect of more interest rate hikes later in the year. U.S. treasury yields, accordingly, climbed. The yield on the 10-year Treasury was up by nearly 12 basis points at 3.651% ̶ its highest since Jan. 11. The 2-year Treasury yield was trading at 4.485% after climbing more than 18 basis points.
The Nasdaq Composite posted the biggest loss of all three indexes, sliding 1% to end at 11,887.45. The S&P 500 edged down by 0.61%, and the Dow Jones Industrial Average dipped fractionally by 0.1%. Not all is bad news, though. "Creative destruction" is the process by which existing practices are dismantled and replaced by new ones that increase productivity. Joseph Schumpeter, the economist who coined the term, used Henry Ford's assembly line as an example. We may be witnessing this mechanism in motion now.
Google on Monday announced a new artificial intelligence chatbot technology named Bard. It comes after the company developed a "code red" plan to respond to ChatGPT, the wildly popular AI-chatbot that received a multibillion-dollar investment from Microsoft.
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