Equities drifted lower overnight with pressure from Cisco and Walmart after disappointing forecasts, while a drop in Treasury yields cushioned some megacap stocks.
The bears continued to be frozen by cooling inflation as stocks closed marginally higher after data showed inflation continues to ease and a rally in Target pushed retailers higher following better-than-expected third-quarter results.
Stocks rallied strongly while Treasury yields plummeted as US inflation numbers cooled by more than expected in October, bolstering investor expectations that the Federal Reserve hiking cycle is finished and inflation defeated.
Equities finished largely unchanged supported by energy and health care stocks, but upside momentum was kept in checked as traders awaited fresh inflation data due after midnight Tuesday
After market close on Friday, ratings agency Moodys lowered its outlook on the U.S. credit rating to “negative” from “stable” citing large fiscal deficits and a decline in debt affordability.
Equities fell overnight as Federal Reserve chairman Jerome Powell played the “Grinch” as he signaled that monetary policy wasn’t at levels yet that were sufficiently restrictive to rein in inflation to target, denting investor hopes of a Christmas rally
Equities took a breather Wednesday, a day after notching their longest winning streak in two years as investors continued to digest quarterly earnings and remarks from Federal Reserve officials.
Equities with the S&P 500 and Nasdaq notching their longest streak of gains in two years, as a retreat in U.S. Treasury yields buoyed megacap growth stocks.
Equities finished relatively unchanged overnight, taking a breather from a weeklong rally not seen in 12 months
Equities wrapped up the week with its biggest weekly gain this year as a weaker-than-expected jobs report stoked hopes that Federal Reserve rate hikes are now in the rearview mirror, pushing Treasury yields sharply lower.
Stocks were in a rally mode Thursday, buoyed by a slump in Treasury yields on bets that the Federal Reserve is done raising interest rates after holding its benchmark rate steady for the second meeting in a row.
Equities ended higher overnight following a slump in Treasury yields after the Federal Reserve kept rates steady for second-straight meeting.
