Stock market indexes traded lower and Treasury yields shot up to the levels last seen in November.. Crude oil was in focus after Saudi Arabia extended its production cut till the end of September.
Worldwide markets declined after the U.S. credit rating was downgraded on the worries of weakening governance, rising debt levels and the expected fiscal deterioration over the next three years. 10-year U.S. Treasury bonds traded at a 9-month high.
Market averages traded down, crude oil hovered near 3-month and Treasury yields spiked after the private sector payrolls expanded at a faster-than-expected pace in July.
Fitch Ratings, one of the three leading rating agencies, cut its long term debt rating to AA- from AAA, a step below its top level citing rising debt load, erosion of governance and the expected fiscal deterioration over the next three years.
Major averages on Wall Street turned lower as investors digested a flood of earnings. The latest report on job openings showed a gradual easing of tight labor market conditions.
Market averages turned lower as investors looked for insights into the economy and the impact of higher rates on companies and customer behavior. About 1,300 companies are scheduled to release earnings this week.
European markets struggled after investors debated the future interest rate path and depth of the economic slowdown. Unemployment was stable in the Euro Area in June and manufacturing activities remained weak the in currency union and in the U.K.
Stocks struggled near recent highs but major averages closed higher for the fifth month in a row and investors looked ahead to a busy week of earnings. Crude oil registered its best monthly gain in more than a year.
The S&P 500 and the Nasdaq Composite indexes are set to close higher for the fifth month in a row amid optimism that the Fed may be likely to avoid a recession while inflation cools to 2%.
Investors turned cautious and market averages fell after aggressive rate hike worries resurfaced following stronger-than-expected second quarter economic growth.
Stocks turned higher after economy accelerated at a faster pace in the second quarter after business investment soared but consumer spending was restrained on service inflation.
Despite multiple rate hikes over the last sixteen months, interest rates are still not restrictive enough to dent the economy growth or ease labor market tightness.
Investors awaited the Fed's rate decision later today and market averages traded lower. The yields on Treasuries traded volatile ahead of the rate decision.
Market averages traded higher and tech stocks advanced in after hours trading after Microsoft and Alphabet reported earnings. The Dow Jones Industrial Average gained for the 123th day in a row as mega-cap companies outperformed broader averages.
