Stocks rebounded from the losses in the previous week, month and quarter. Crude oil jumped 5% on the hopes of a supply cut announcement at the next OPEC+ meeting on Wednesday.
Stocks extended losses to the third quarter in a row after major averages fell on the last day of the week, the month, and the quarter. With inflation showing no signs of easing, rate hikes are likely to continue.
Carnival Corp struggled with business recovery and rising operating costs and large debt repayment loomed. Rent-A-Center lowered its quarterly outlook. Micron Technology guided 25% gross margin in the fiscal first quarter.
Major averages struggled to bounce back after the latest PCE report showed elevated inflation and a difficult task ahead for the Fed. Inflation accelerated for the fifth month in a row in the eurozone to 10.0%.
On Wall Street anxieties spiked up after the latest jobs data signaled wage and consumer price inflation may stay elevated longer than previously estimated. Major averages are set to close down at least 8% in September.
Vail Resorts guided strong demand for its ski resorts. Worthington Industries plans to split its businesses. Rite Aid lowered its annual outlook. CarMax confirmed softening demand. Miller Knoll focuses on lowering costs and improving cash flow.
European markets accelerated declines after the stronger-than-expected U.S. jobs report added to market anxieties underpinned by record German consumer inflation and record wholesale inflation in Italy.
Major averages dropped between 2% and 3% after the latest jobs report highlighted labor market strength, stoking fears of higher rates sooner. Commodities turned lower after the release of jobs data.
Major averages rebounded and snapped a six-day losing streak and bond yield turned lower. Crude oil and natural gas closed higher and gold, silver and copper advanced.
Thor Industries said quarterly sales inched higher driven by price increase. Cal-Maine Foods sales surged on increase in unit sales and higher prices. BlackBerry quarterly sales declined and loss shrank.
U.S. stocks rebound and Treasury yields stabilize but investors fear that the Fed's approach to tackling inflation may not avoid hard landing and a deeper-than-expected recession.
Rising Treasury yields overshadowed stocks as investors adjust to higher interest and anticipate more rate hikes. Crude oil rebounded from a nine-month low. The euro and the British pound failed to rebound and closed lower.
Stocks rebound on Wall Street and the U.S. dollar pauses its advance. Crude oil bounced from its nine-month low but Treasury yields flirted with new 15-year highs.
