Oil eases, but US stocks struggle to find a lift
SPY•US stocks were slightly lower as crude prices fell more than 1%, while the 10-year Treasury yield edged up to about 5.25%. September consumer confidence was below estimate, and August JOLTS job openings were 7.079 million versus an estimate of 7.225 million.
1. Stocks edge lower
Wall Street's major indexes were slightly lower early Tuesday, with most S&P 500 sectors down. Healthcare fell 0.8%, the weakest sector, while industrials rose 0.6% and led gainers. Chip stocks were among the stronger groups, while software and services lagged.
2. Yields remain in focus
US crude futures fell more than 1%, but the decline did little to lift sentiment as Treasury yields continued to climb. The 10-year yield hovered around 5.25% and appeared headed for a sixth consecutive daily gain. The Euro STOXX 600 was up about 0.3%, while the dollar, bitcoin and gold gained.
