NEW YORK, Aug 10 — The S&P 500 dipped yesterday, as fuel demand worries during a resurgent pandemic sent energy stocks lower but rising US Treasury yields lifted financial stocks, keeping Wall Street’s benchmark index near record levels. Energy shares were the worst performing of the 11...
NEW YORK, Aug 10 — The S&P 500 dipped yesterday, as fuel demand worries during a resurgent pandemic sent energy stocks lower but rising US Treasury yields lifted financial stocks, keeping Wall Street’s benchmark index near record levels.
Financial shares gained, buoyed by a climb in the 10-year US Treasury yield back above 1.30 per cent to its highest level since July 16 as a report on job openings showed further evidence of an improving labour market. Later this month, a meeting of Fed leaders in Jackson Hole, Wyoming should provide insight into the central bank’s potential plan to begin tapering its bond purchases.
As of Friday, analysts expected second-quarter profit growth of 93.1 per cent for S&P 500 companies, according to IBES data from Refinitiv. Of the 443 companies in the index that have reported earnings so far, 87.4 per cent beat analyst expectations, the highest on record.
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