Oil eases, breadth improves as US stocks rise
SPY•US stocks were modestly higher early Friday as crude prices slipped and market breadth improved. The S&P 500 Equal Weight Index was on track to end a seven-week losing streak, while the 10-year Treasury yield rose to about 5.26%.
1. Stocks edge higher
US stocks were modestly positive early Friday as oil prices pulled back after President Donald Trump said the United States would not attack Iran before next month's midterm elections. Most S&P 500 sectors were higher, led by real estate, consumer discretionary and healthcare, while industrials were the weakest group. The S&P 500 Equal Weight Index was on track to snap a seven-week losing streak.
2. Markets and sentiment
The US 10-year Treasury yield ticked higher, while NYMEX crude futures slipped. Economists expected the preliminary October University of Michigan consumer sentiment reading, due at 10 a.m. ET, to be 47.8, down slightly from 48.1 previously.
