‘Fed-Friendly’ Data Lift Bonds as S&P 500 Wavers: Markets Wrap
- Continuing jobless claims climb, factory production declines
- Oil sinks below $73 as algorithms amplify supply-driven drop
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Treasuries climbed after the latest economic figures underscored a gradual slowdown, reinforcing speculation the Federal Reserve will end its most-aggressive hiking campaign in decades.
Ten-year yields fell eight basis points to around 4.45%. Following a rally that sent stocks near “overbought” levels, the S&P 500 was little changed. Walmart Inc. slumped amid a cautious tone on the outlook for consumers, while Macy’s Inc. rose on a profit beat. Cisco Systems Inc. sank after a bearish forecast. In late trading, Applied Materials Inc. slid on a news report it faces a US criminal probe for violating export restrictions to China. Oil tumbled below $73.