US stocks edge higher as bond yields ease
US stocks recovered from early losses to close slightly higher on Thursday, with the S&P 500 bouncing from a two-week low as a global bond selloff reversed course after sending US Treasury yields to multi-decade highs. Stocks were under pressure in early trading as economic data kept pointing to a solid economy with persistent price pressures that stoked fears that inflation could ultimately…
US stocks edged higher on Thursday, recovering from early losses to close slightly above their opening levels. The S&P 500 bounced from a two-week low as a global bond selloff reversed course, driven by a shift in yields after hitting multi-decade highs. Initial jobless claims dipped below 200,000, indicating a solid labor market, while the manufacturing PMI showed a slight decline, raising concerns about inflation.
Despite these factors, bond yields turned lower after Fed Vice Chair Philip Jefferson suggested the central bank may be patient before raising rates again. Market analysts noted that while valuations have come down, the market is not yet cheap, and they expect higher volatility in equities and bonds as investors adjust to the new normal.
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