It was an astounding day for markets, with everything falling into place as perfectly as investors could have hoped for. Then the Apple fell from the tree.
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeApplebeat expectations for sales and earnings per share, investors were dismayed the company's overall sales fell for the fourth quarter in a row — and that it may not return to growth in the holiday quarter.
It was an astounding day for markets, with everything falling into place as perfectly as investors could have hoped for. Then the Apple fell from the tree, rather imperfectly. The positives, first. The yield on the 10-year U.S. Treasury dropped around 12 basis points to touch 4.661%. That's a drastic fall from around three weeks ago, when the
Falling bond yields benefit stocks in two ways: They create less incentive for investors to park their money in fixed income, driving them back to riskier assets like stocks. They also lower the cost of borrowing in the economy, potentially stimulating growth, which, ultimately, drives stocks higher. (Though not always — investors seemed spooked by the
Additionally, there were signs inflation in the U.S. was tapering off. Labor costs actually fell for a three-month period ending September — compared with an expected increase — while unemployment claims ticked up. Those statistics are likely to reassure the Fed the labor market isn't heating up again, for now.popped 1.89%, its best day since April and the first time since February the index has gained more than 1% consecutively. Theresults to digest.
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