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.
Stocks rebounded on Wall Street as investors shifted focus from debt ceiling debate to rate path after the House approved the suspension of debt limit for the next two years.
Stocks accelerated decline in the final hour of trading as investors awaited the House vote results later this evening. Major averages trimmed gains on the final day of the month after tech stocks led the gainers.
Benchmark indexes lacked direction in cautious trading as investors looked forward to debt ceiling debate in the full House of representatives today. Crude oil extended monthly losses on China demand worries.
Stocks, bonds and commodities turned cautious as investors weighed the odds of the bill passing the Republican-led House and Democrat-controlled Senate. Crude oil fell 4% but short term Treasury yields edged lower.
Stocks on Wall Street traded higher as lawmakers are set to vote on the bipartisan debt deal between the White House and Republican leaders. Treasury yields edged slightly lower but crude drifted lower on China demand growth worries.
Market averages scaled higher on Wall Street after the latest update on durable goods orders, personal income and spending and inflation confirmed the health of the economy. Apparent progress in the debt ceiling standoff also supported market optimism.
U.S. markets averaged extended gains on the optimism surrounding debt ceiling talks. Treasury yields advanced and 30-year bonds traded at 4.0% after the Fed's preferred inflation measure accelerated in April.
