Here comes one of the biggest market weeks of the summer.
, which was falling Monday on fears the delta variant of Covid could slow global growth. The yield hit a low of 1.12% early Tuesday before reversing. As the benchmark yield rose, stocks rallied.
Communications services, which includes internet names, was the best performing sector in the past week with a 3.2% gain. Tech was also strong, up 2.8%. Consumer discretionary was also a top sector, up 2.9%. Cyclical industrials and material lagged with fractional gains, and energy was slightly lower.
"Some things are priced for perfection and some aren't," he said. "Microsoft is already at an all-time high. It's priced for perfection. It will be interesting to see if Apple can hold and stay above $150." Apple closed at $148.56 per share Friday.Ben Jeffery, U.S. rates strategist at BMO, said Treasury yields could find a catalyst in the Fed. He expects the 10-year to begin moving down again, and says it could possibly touch a low of 1.10%. The 10-year was at 1.
The Fed is expected to announce that it is officially talking about winding down the program well before it actually starts. Many Fed watchers believe that guidance will come in late August, at the central bank's Jackson Hole symposium, or later in the fall.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cramer says the Robinhood IPO will be a 'test of the real craziness of this market'Cramer said Robinhood's public debut next week will be a real test for the sustainability of the retail trading book and the meme stocks.
Read more »
Ulta Beauty and Target Are Teaming Up: Here’s What to Know About the PartnershipThe beauty retailer will be entering 100 Target locations next month.
Read more »
43 Can't-Miss Luxury Beauty Deals at the Nordstrom Anniversary SaleStock up on skin-care, hair, and makeup favorites with big savings.
Read more »
Stocks making the biggest moves after hours: Twitter, Snap, Intel and moreSee which stocks are posting big moves after the bell.
Read more »
Apple, Amazon, Netflix: CNBC’s Halftime Report traders answer your questionsThe contributors answered questions from CNBC Pro subscribers, including how to trade Apple, Amazon and AMD ahead of their earnings.
Read more »
Wall Street inches higher in pivot back to growth stocksWall Street rose modestly after two days of strong gains. Lackluster jobs data and mixed earnings sent investors back to growth and tech stocks
Read more »