Stock market today: stocks rise as bond yields rise
US stocks rose slightly as bond yields rose and investors await second quarter earnings reports.
It’s around noon
Dow Jones industry average
rose 109 points, or 0.3%, while the
increased by 0.2% and the
The yield on 10-year government bonds rose from 1.33% in pre-market trading to 1.37%. During this time the Dow and S&P 500 turned positive. “How the bond market trades over the coming weeks is likely to continue to be a major driver of stocks,” writes Tom Essaye, founder of Sevens Report Research.
A rising yield means investors are adjusting their inflation and economic expectations a little higher after the yield fell last week on fears of a slowdown in economic growth.
The price of WTI crude fell 0.6% to $ 74.11 a barrel. Oil hit a multi-year closing high of $ 75.23 on July 1 as oil demand remains robust but price has fallen slightly since then.
On the earnings front, analysts expect earnings growth of 64% year over year for the quarter, according to FactSet. This is an acceleration from just over 50% growth in the first quarter as the reopenings faced trillions in fiscal stimulus.
Asian stocks rose on Monday on the back of action from the Chinese central bank and a record day on Wall Street while European stocks paused.
2.3% increased and the
rose 0.7% when Asian investors first had a chance to respond to news that the People’s Bank of China cut bank reserve requirements by half a point, bringing 1 trillion yuan ($ 150 billion) to the world Number two of the economies were unleashed. Japan also reported an 8% increase in core machine orders for May.
European stocks rose, but so did aerospace stocks
slip out of a report that the European Union wanted to propose a kerosene tax. The Stoxx Europe 600 gained 0.7%.
The Asian markets are lagging behind their rivals in the US and Europe this year. In 2021, the Nikkei 225 is only up 4%, the Shanghai Composite is up 2% and the Hang Seng is up 1%. The
S & P-500,
in contrast, the Stoxx Europe 600 is up 16% and the Stoxx Europe 600 is up 15%.
(Ticker: SPCE) The stock fell 14.7% after the company successfully completed its first space tourism flight over the weekend.
(IVZ) shares gained 1.6% after being upgraded from Neutral to Buy on Citigroup.
(CAKE) shares rose 3.2% after being upgraded to Outperform by Market Perform at Raymond James.
(EAT) stock gained 2.9% after being upgraded to Outperform by Market Perform at Raymond James.
(RKT) stock fell 4.7% after being downgraded to hold by Buy at Jefferies.
Write to Jacob Sonenshine at email@example.com