US stocks extended a rebound today as a whipsaw in energy prices relieved some pressure on the market.
The S&P 500 added 0.3% and the NASDAQ 100 gained 1% in a continuation of last week’s gains when solid earnings and reports were strong enough to balance out concerns about energy shortages and supply-chain issues.
OPEC+ failed to meet output targets as Russia opted against sending more natural gas to Europe, shoving commodity prices higher. However, oil’s drop from a session high eased some fears of inflation and policy tightening.
The S&P 500 has now pared back losses from its all-time high to 1.1%.
The yield on the 10-year Treasury note climbed to 1.59% while UK yields surged after the BoE warned on the need to respond to price pressures, the dollar was little changed.
Fed members this week are expected to try to ease market jitters about future tightening. additionally, another week of corporate earnings will offer traders more insight into the health of major corporations.
Stocks in Europe dropped, while those in Asia were mixed after data showed China's economy slowed in the 3Q.
Bitcoin rose to $61320 ahead of the launch of the first futures exchange-traded fund. Gold dropped 0.2%.