Stocks extended gains and investors reacted to corporate earnings. Treasury yields inched higher and the yield on 10-year notes traded at a 3-month high. Crude oil edged higher on the hopes of a rebound in demand from refineries in China.
Benchmark indexes pared morning gains and durable goods orders rose excluding volatile transportation orders and pending home sales improved for the second month in a row. Earnings recession has arrived at most companies of all sizes ahead of the looming economic slowdown.
European markets advanced on the back of stronger-than-expected earnings and receding worries of economic recession a week after recording the worst weekly loss in 2023.
Stocks rebounded after Treasury yields edged lower and investors looked ahead after the worst week of 2023. Investors are looking to get better insights on inventories from leading retailers' results this week.
Stubborn inflation is likely to force the Federal Reserve to keep higher rates longer and further weaken the earnings rebound scenario in the second half.
Major averages accelerated declines after a watered down measure of inflation, preferred by the Federal Reserve, accelerated in January. A string of weak corporate results also compounded market worries.
U.S. stocks closed higher after a choppy session as investors struggled to shake off rate-path worries amid weak corporate earnings and weakening consumer spending.
Rate setting committee anticipated ongoing rate increases as the timing of peak rates gets pushed back despite multiple rate hikes over the last twelve months.
Worries of rising interest rates and falling corporate earnings and consumer spending hovered market sentiment as investors reacted to the latest batch of earnings ahead of the Fed minutes release.
Popular indexes posted the worst day of 2023 after interest rate worries were compounded by weak outlook from leading retailers. Investors turned cautious after tensions between US and China notched up and Russia's invasion of Ukraine neared its anniversary.
Benchmark indexes closed lower amid growing worries of aggressive rate hikes compounded by the weakening corporate earnings outlook but resilient consumer spending. European markets extended weekly gains on improving earnings outlook but Asian markets lacked direction.
Market selloff intensified after wholesale inflation jumped and comments from a Federal Reserve official raised the prospect of an aggressive rate hike at the next meeting. Housing starts and building permits declined by double digits but completions rose in January .
