Wall St slips as yields and oil prices flag inflation risk
US stocks edged lower as Treasury yields neared multi-year highs and Br ent crude rose 4.2%, raising inflation worries ahead of earnings season.
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US stocks edged lower as Treasury yields neared multi-year highs and Br ent crude rose 4.2%, raising inflation worries ahead of earnings season.
Dow, S&P 500 and Nasdaq-100 futures fell as investors weighed strong earnings against concerns inflation could stay high longer.
European stocks fell and the euro slipped as oil rose above $100 on renewed Middle East tensions and France's fiscal outlook weighed on sentiment. Traders also watched upcoming U.S. Treasury auctions and the Federal Reserve minutes.
Futures tracking Canada's blue-chip stocks fell on Wednesday as elevated oil prices and climbing yields made investors risk averse, while markets awaited the minutes of the US Federal Reserve's September meeting.
Wall Street posted modest gains at midday Monday, with the Nasdaq 100 hitting a record high on megacap tech strength even as the 10-year Treasury yield rose to 5.3%. President Donald Trump said Friday of the Iran war that it is "going to be over soon… probably right after the midterms.” Oil slipped, with the West Texas
The 2-year US Treasury yield slipped after New York Fed President John Williams said there was 'no urgency' for further action, while major stock indexes eased. US crude fell and the dollar firmed against the yen as investors awaited Wednesday's PCE inflation data.
Major Asian, US and European stock indexes were lower, while bonds and the dollar were mixed. The report also showed Brent crude higher and gold at a more than seven-week low.
Major stock indexes fell, with the MSCI world gauge down 0.83%, as oil prices resumed their rise and Treasury yields extended gains. Spot gold dropped 3.5% to a more than seven-week low.
U.S. stocks fell on Thursday after August producer price data and surging oil prices stoked worries the Federal Reserve will hike rates next week, while rising Treasury yields made stocks less attractive. Heavyweight chipmakers also lost ground.
TSX futures fell as the US expanded trade restrictions on Canada, including bans on alcohol, motorcycles and dairy, while Middle East tensions lifted oil and revived inflation worries ahead of Friday US CPI.
Australian shares steadied near 8,910 after Tuesday’s six-week low. Miners, energy and tech gained while healthcare, commercial services and financials lagged. Traders look ahead to China CPI and PPI later today.