Shares of industrials firms and other companies sensitive to economic conditions propelled major stock indexes higher after fresh data indicated that U.S. growth remains resilient.
Both releases extend a stretch of data that is tamping down recession fears, but raising expectations for further interest-rate increases. Wall Street continues to wrestle with whether the Federal Reserve can engineer a soft landing—where inflation falls to more normal levels, but higher rates don't push the economy into a deep recession.
Fed Chair Jerome Powell said this week that the central bank will likely need to continue hiking rates to rein in inflation given the economy's strength. Traders see a quarter-point rate increase at the next central bank meeting as highly likely.
As of Thursday's close:
Stocks gained. The S&P 500 and Dow industrials closed higher, while the Nasdaq Composite was roughly flat.
Treasury yields jumped. The yield on the benchmark 10-year Treasury note climbed to 3.853%, having closed at 3.711% the day before. The 2-year yield rose to 4.876% from 4.720% as prices fell.
U.S. bank stocks climbed. Bank of New York Mellon and Bank of America were among the stocks that rose after the Fed said the country's biggest lenders remain healthy.
Apple's stock edged up. Shares crept closer to the level that would give the company a market cap of $3 trillion.
Market breadth improved. A majority of S&P 500 companies are now higher for the year.
Chinese stocks fell. Hong Kong’s Hang Seng Index fell 1.2%. Analysts pointed to jitters from a potential U.S trade ban on artificial-intelligence chips exports to China.
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June 30, 2023 at 03:30AM
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