U.S. stocks ended a volatile trading session slightly higher after Treasury yields retreated from multiyear highs and expectations for another rate hike this month subsided. The S&P 500 rose 14.91 points, or 0.19%, to 7666.45, the Dow Jones Industrial Average ticked up 20.51 points, or 0.04%, to 50926.56. The Nasdaq also edged up 0.04%, or 10.53 points, to 26871.60.
Shares traded down early as the 10-year Treasury yield hit a 24-year high of nearly 5.34%, but reversed when the benchmark yield pulled back, ending down 0.059 percentage point at 5.233%. The 30-year Treasury pulled back by 0.036 percentage point to 5.602%. The two-year fell for the third session, by 0.1 percentage point to 4.785%.
Stocks got a lift from Fed governor Philip Jefferson saying the Fed may need more time before making additional policy adjustments, echoing New York Fed President John Williams. The probability of a hike at the October Fed meeting dropped to less than a quarter, down from 68% earlier this week. U.S. crude futures rose 2.7% to $92.87 a barrel as the Pentagon sent a third aircraft-carrier strike group to the Middle East.
Mattel’s stock surged 19% to $15.04 after takeover interest from Authentic Brands Group. Micron shares rose 3% to $1097.39. Disney fell 3.4% to $101.34 on restructuring plans.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing