- Stocks rose after a five-day decline, with traders looking for clues on whether federal reserve officials will be able to scale back their aggressive tightening campaign.
- The rebound in the S&P 500 came after a rout that put the index on the verge of breaching an important technical indicator: its 100-day average price. Investors also reacted to news that the US Federal Trade Commission is attempting to block Microsoft's $69 billion acquisition of Activision. Treasuries reversed course with 10-year yields rising to near 3.5%. Following a pipeline outage that had previously sent prices soaring, oil hit a new one-year low in a volatile session.
- The November producer price index, released on Friday, is one of the last pieces of data Fed policymakers will see before their December 13-14 policy meeting. In October, the PPI fell more than expected. In the run-up to the numbers, a separate report showed some signs of a cooling labor market, with continuing jobless claims reaching their highest level since early February.
- Strategists ranging from Morgan Stanley to JPMorgan have warned investors against returning to risk in the hopes that the Fed will ease policy.
