- For the second day in a row, US stocks rose, with mega caps catching bids as investors digested weak data on New York manufacturing and the Chinese economy. Treasury bonds rose alongside the dollar, while commodities ranging from oil to iron ore fell.
- The S&P 500 finished near the day's highs, reversing losses of up to 0.5%, with only the energy and materials sectors ending in the red. The Nasdaq 100 outperformed, led by Tesla, Apple, Microsoft, and Nvidia.
-Treasury yields fell and the bond curve remained deeply inverted, indicating the possibility of a US recession as the Fed tightens monetary policy.
- US stocks are coming off their fourth straight weekly gain, the longest streak this year, with sentiment buoyed by signs of easing price pressures, which fueled hopes of a Fed shift to less aggressive rate hikes and a gradual slowdown in the economy. Nonetheless, the rally has stretched market breadth, making stocks vulnerable to a pullback.
