Stocks advanced on Wall Street and Treasury yields edged higher ahead of two key inflation reports this week. Crude oil traded at a 4-month high on tighter supplies.
Stocks meandered and major averages lacked direction after a week of losses after Fitch rating downgrade of the U.S. debt. Campbell Soup agreed to acquire pasta sauce maker Sovos Brands for $2.3 billion.
Market averages traded higher in early trading after the U.S. added below average jobs in July and wage gains were muted. The yields on short-term and long-term treasury bonds inched higher to the levels not seen since November.
European markets lacked direction and trimmed weekly losses of 2% after the Euro Area retail sales declined for the eighth month in a row and German factory orders unexpectedly rose in June.
Stock market averages faced headwinds after bond yields jumped to a 9-month high and market rally appears to be running out of steam. Higher yields dragged down home builders and real estate sector stocks.
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%.
