Wall Street stocks recovered Monday, shaking off some of the worries around the Federal Reserve’s “higher for longer” interest rate strategy.
At the closing bell, the S&P 500 (^GSPC) was up 0.4%, while the Dow Jones Industrial Average (^DJI) gained a more modest 0.1%. The Nasdaq Composite (^IXIC) was up 0.5%. The 10-year Treasury yield (^TNX) touched its highest levels since 2007, closing above 4.5%.
Investors are now getting ready for a fresh read on PCE inflation due out Friday for more insight into the Fed’s rate path.
Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards
Meanwhile, with less than a week left to avert a government shutdown, investors are starting to assess its potential impact on the economy, given there’s little sign of progress on a budget agreement by lawmakers. A reading on second quarter GDP is scheduled for Thursday.
Sunday’s tentative deal to end the Hollywood writers strike moved kebo88 | slot gacor | situs slot gacor
stocks;cpos:10;pos:1;elm:context_link;itc:0;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;” href=”https://finance.yahoo.com/news/big-media-rallies-signs-end-121004691.html”>media stocks. But there’s less optimism around the autoworkers strike after Ford (F) said despite progress in some areas, there are “significant gaps to close” before it can reach a new labor agreement with the UAW.
Elsewhere, signs of growing debt woes at Chinese property developers — Evergrande, in particular — rattled nerves about the impact on the world’s second-biggest economy.
In individual stocks, Amazon (AMZN) has signed a deal to invest up to $4 billion in startup Anthropic, pulling in a crucial partner in its push to become a major player in AI.
Eyes are also on Booking Holdings (BKNG), whose brands include Booking.com and Priceline, after its proposed $1.7 billion purchase of Etraveli was blocked by the EU antitrust regulator.
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