The S&P 500 and the Nasdaq Composite closed higher but closed down for the third week in a row. Bond yields advanced and crude oil gained for the second week in a row.
Stocks lacked direction after durable goods orders fell and core inflation index rose at a faster-than-expected pace in November. Major averages are set to close down for the third week in a row.
Asian markets extended losses after coronavirus infections in China kept social mobility in check and raised the fears of prolonging the supply chain disruptions. Stocks in Tokyo declined on resurgence of inflation.
Micron announces its plan to cut costs after a sharp demand downturn in recent weeks. Under Armour appoints a new chief executive after seven months of search. CarMax sales plunge after years of price hikes.
Benchmark indexes closed higher and bond yields rose as investors await inflation and durable goods data on Friday. Natural gas prices across the Atlantic turned volatile on falling demand and rising inventories.
Bond yields spiked around the world after the Bank of Japan after six years initiated the ending of the loose monetary policy. Investors are also bracing for downward revision of earnings in the upcoming year.
Investors sold stocks on the growing fears of earnings revision and economic slowdown worries. European markets staged a tentative rebound and Asian markets fell after the trade deficit in Japan soared and Covid cases spiked in China.
Major averages traded lower and energy prices rose on the first day of a busy week of economic data release including inflation, home sales and personal income and spending.
Weakening economic data and continual hawkish aggressive stance from central banks put investors on the backfoot. With fading hopes for soft landing, investors recalibrate earnings expectations.
