After a week of twists and turns, benchmark indexes trimmed week's losses and Treasury bond yields inched closer to 5.0%. Elevated energy prices, rapidly rising rates and looming recession worries are overshadowing global market sentiment.
Stocks advanced after non-farm payrolls rose more-than-expected highlighting labor market strength but jobless rate rose from the 29-month low as more people initiated job search.
Stocks declined for the fourth day in a row and treasury bond yields inched closer to a 15-year high as central banks in the U.S., U.K. and Norway lifted rates.
Global bond market sell-off accelerated after the Federal Reserve quashed hopes of rate-pause in the near future. Tech stocks led the decliners on Wall Street.
The Federal Reserve lifted its key lending rate range by 75 basis points and suggested a language that may signal a policy shift to slower future rate hikes.
Rogers plunged after the engineering materials company ended its merger agreement with DuPont. CVS earnings improved excluding opioid settlement. Estee Lauder lowered outlook on strong dollar and persistent China travel restrictions.
Stocks eased and bond yields were on hold ahead of the widely anticipated rate increase. Service sector led the job growth in the private sector in October.
World markets await the Federal Reserve rate-path direction and views on the inner working of the U.S. economy and inflation drivers. Investors are also looking for more clues on the Fed's plan to shrink its balance sheet.
Goodyear Tire net dropped on rising product costs and strong dollar. Uber Technologies gross monthly booking rose driven by higher demand for transportation and delivery.
The latest JOLT survey showed job openings increase in September and a private survey showed manufacturing growth slowed to the slowest pace since May 2020.
On the final day of October, benchmark indexes eased after strong advances in the previous week. Treasury yields edged higher ahead of the widely anticipated rate hike on Wednesday.
Benchmark indexes jumped after a measure of inflation was steady. Despite the challenging economic fundamentals, indexes closed higher for the third time in the last four weeks.
