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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
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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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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.