Stocks, Bonds Fall as Inflation Debate Intensifies: Markets Wrap

Mixed results for Goldman, JPMorgan as earnings season starts
Yields rise after CPI tops forecasts, tepid auction demand

WATCH: Brad Gibson, co-head of Asia Pacific fixed income at AllianceBernstein, discuses the outlook for global bond markets and central banks’ policies.Source: Bloomberg

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By Katie Greifeld

July 12, 2021 at 9:47 PM UTC

Updated on

July 13, 2021 at 8:02 PM UTC

This article is for subscribers only.

Stocks retreated from record highs and bond yields rose as investors debated whether the Federal Reserve risks letting inflation get out of hand.

Yields climbed for a third day after the Treasury Department sold $24 billion in 30-year bonds at levels higher than just before its bidding deadline. The benchmark S&P 500 fell for the first time in three trading sessions with JPMorgan Chase & Co. and Goldman Sachs Group Inc. reporting mixed results as second-quarter earnings season gets under way. Technology shares had outperformed much of the day, briefly sending the Nasdaq 100 to another all-time high, before finishing marginally lower.