Bonds & Stocks
A rally in some big tech companies lifted stocks offsetting concerns about mostly weak economic data that could hamper the outlook for corporate profits.
The S&P 500 is heading toward another all-time high. If the Nasdaq 100 finishes higher, it will be its eighth consecutive day of gains — the longest winning streak since November. The S&P 500 approached the 5,500 mark. Treasury 10-year yields advanced seven basis points to 4.29%. The dollar rose.
Economy
US Treasuries are on the brink of breaking even during a roller-coaster first half of the year. A Bloomberg gauge of returns in the world’s biggest bond market was down just 0.1% in 2024 through Tuesday after having lost as much as 3.4% for the year in April. The loss may endure for at least another day, however. Yields climbed as US markets reopened after a holiday despite weaker-than-anticipated housing starts data for May.
World
European stocks and US equity futures paused Wednesday as traders sought fresh catalysts to extend the latest tech-driven gains. Despite a recent wobble driven by French political tensions, European stocks still stand about 2% off their latest record highs.