Major averages advanced but gains were muted after overall inflation in May eased to a two-year low but core inflation stayed above 5% for the eighteenth month in a row.
Stocks advanced ahead of the inflation report on Tuesday. Crude oil extended its decline for the third day in a row. Treasury yields were in focus but showed little movement.
Stocks extended previous week's gains and energy prices declined for the third day in a row. The Federal Reserve, the European Central Bank and the Bank of Japan are scheduled to announce their rate decisions this week.
Benchmark indexes braved higher and Treasury yields hovered near 2-month highs as investors debated rate path and rate levels. Crude oil dropped 3% on a possible uranium deal with Iran.
Major averages rested and stocks outside the energy sectors traded lower. Initial claims of jobless benefits rose for the third week in a row. The yield spread between 2-year and 10-year Treasury notes widened.
Major averages faced the wall of reality as the narrow stock market rally lost steam ahead of rate decisions from the Federal Reserve and the European Central Bank next week.
Benchmark indexes flirted at new highs in the year and investors looked ahead to rate decisions next week. International goods and service trade deficit widened in April in the U.S. and the trade surplus shrank in China in May.
Market averages remained in a holding pattern and Treasury yields slightly eased. Crude oil regained its downward bias. The World Bank revised higher its global economic growth outlook and the U.S. economy is expected to feel the lagged effects of rate hikes in 2023.
Inflation and aggressive rate hike worries resurfaced in European trading. Germany factory orders declined unexpectedly after large vehicle orders plunged n April. Retail sales were flat in the Euro Area after food and dule sales declined.
The S&P 500 index turned lower from its 9-month high as rate path and inflation worries bubbled to the top ahead of the Fed's policy meeting next week.
Market averages on Wall Street rested near flat-line after a volatile week and investors debated the rate path ahead of the Fed's policy meeting next meeting.
Despite the talks of looming economic slowdown, hiring across the U.S. remained strong in May. Stocks extended weekly gains and Treasury yields advanced as focus shifted to Fed's next policy meeting.
Stocks extended weekly gains after the latest labor market report showed May job gains closer to the monthly average over the 12 months and moderate wage gains. Crude oil traded volatile ahead of the OPEC+ meeting this weekend.
Stocks advanced after private payrolls continued to expand in May and jobless claims remained depressed, signaling tight labor market conditions. Treasury yields edged lower but crude oil rebounded.
