U.S. stocks notched a second straight small decline after reaching a record, as investors assessed what the latest inflation reading means for aid prospects.
Stocks Drop for Second Day; Treasuries Advance: Markets Wrap
Bloomberg 2/10/2021 Claire Ballentine and Olivia Raimonde
(Bloomberg) U.S. stocks notched a second straight small decline after reaching a record, as investors assessed what the latest inflation reading means for aid prospects.
The S&P 500 Index ended and up-and-down session lower by less than 0.1%. The Dow Jones Industrial Average posted a gain, while the Nasdaq 100 retreated. The 10-year Treasury yield fell back below 1.15% after the core consumer price index was unchanged last month.
The CPI data are part of an intensifying debate in financial markets over the course of inflation. Despite the muted January figure, investors continue to worry that price pressures are set to increase in the months ahead as Congress passes an aid bill and more vaccinations spur consumer spending.Twitter Inc. climbed after reporting a jump in revenue. Lyft Inc. rallied as the co-founder said the ride-hailing compan
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U.S. stock futures added to gains and Treasuries turned higher after a key measure of prices showed scant inflation.
Futures on the S&P 500 pushed an advance to 0.5 per cent, while the 10-year Treasury yield slumped. Global stocks pushed forward on an eight-day winning streak on the heels of positive corporate news, improving virus trends and U.S. stimulus plans.
The MSCI World Index gained 0.1 per cent, the longest advance since November. Twitter Inc. shares rose 7 per cent in the U.S. pre-market after reporting a surge in revenue. Lyft Inc. rallied 11 per cent as the co-founder said the ride-hailing company will âabsolutelyâ turn a quarterly profit this year.
From Bloomberg: Daniel Tenengauzer, head of markets strategy at Bank of New York Mellon Corp., is warning that if inflation gets hotter than the Fed's new policy is aiming for, it may trigger widespread bond selling that ripples throughout other markets. That may force the central bank to adopt a tool to cap long-term yields known as yield curve control, or YCC, he says.