- On Thursday, US stocks fluctuated as traders weighed various corporate earnings against the backdrop of aggressive interest-rate hikes by global central banks. As recession fears persisted, the yield curve in the United States remained inverted.
- The S&P 500 finished the session little changed after fluctuating throughout. After swinging between modest gains and losses, the Nasdaq 100 closed higher for the second day in a row.
- While Amazon and Advanced Micro Devices boosted the tech-heavy Nasdaq 100 index later in the session, Fortinet dragged it down after the company lowered its service-revenue forecast. The S&P 500 index was weighed down by Eli Lilly, which fell after missing Wall Street expectations for second-quarter revenue. Summertime liquidity is also known to amplify market movements.
- Treasury yields fluctuated throughout the session, with the 10-year yield hovering around 2.66% after breaking through 2.80% on Wednesday.
- A flurry of economic data released this week allayed fears of a recession while pointing to growth stabilization. However, the bond market, particularly the persistently inverted treasury yield curve, is flashing warning signs about the economy in the midst of a global wave of monetary tightening. On Friday, all eyes will be on the US jobs report for more clues about the Federal Reserve's rate hike path.
