Treasury yields hovered near two-month lows, and stocks attempted to extend their weekly rally. Crude oil declined for the fourth week in a row due to elevated U.S. supplies, rising inventories, and an uncertain demand outlook.
Stock market indexes on Wall Street lacked direction, and Treasury yields continued their downward slide. Crude oil prices plunged 5% on rising U.S. inventories and worries about demand growth in China.
U.S. major averages struggled to advance but retained an upward bias, and investors reviewed the update on weekly jobless claims and import price inflation.
Market indexes powered ahead after wholesale inflation slowed and retail sales declined for the first time since March. The weakening of consumer and wholesale inflation raised hopes that the interest rate peak may be closer than previously thought.
Though prices are still much higher than they were three years ago, the most recent wholesale inflation decline gave policymakers yet another indication that inflationary pressures are abating. Retail sales, unadjusted for inflation, rose at a slower pace in October.
Market averages soared in a broad rally after cooling inflation stoked speculation that the Federal Reserve may be nearing the end of its rate hike campaign.
Weakening overall and core inflation supported market advances, and tech stocks led the gainers. The yield on 10-year Treasury notes dropped below 4.5%.
U.S. stocks and bonds traded in a narrow range, and investors looked beyond the latest U.S. debt rating outlook downgrade. Crude oil and gold edged higher.
U.S. market averages declined after advancing for two weeks in a row. Moody's lowered its U.S. debt rating outlook to negative but held its highest level rating, citing fiscal deterioration and partisan gridlock in Washington.
After rising for almost two weeks, market indexes began to decline as investors reevaluated the state of the world economy and the recent gains made in tech stocks. Treasury yields turned higher, and crude oil hovered near a four-month low.
Stocks paused, crude oil declined, and U.S. Treasury yields edged lower as investors attempted to extend the best weekly gain of 2023 registered last week.
Stock market indexes paused, crude oil prices declined to one-month lows, and Treasury yields continued to drift lower on the stable outlook for interest rates.
Benchmark stock market indexes lacked direction after rallying in the previous week, and investors reviewed the latest batch of earnings from banks. Retail sales in the Euro Are declined for the third consecutive month in September as consumers battled elevated prices and rising interest rates.
