Stocks advance ahead of earnings, navigating still-high Treasury yields and oil prices
SPY•World stocks rose Friday, with all three major U.S. indexes advancing and the S&P 500 and Nasdaq each gaining about 0.6%. Brent crude settled up 0.4% at about $104 a barrel, while the 10-year Treasury yield rose 2.8 basis points to 5.261%.
1. Stocks rise before earnings
World stocks advanced Friday ahead of next week’s economic data and quarterly earnings reports from major U.S. banks. European shares gained 1%, while the S&P 500 and Nasdaq Composite each rose about 0.6%; all three major U.S. indexes posted weekly gains. Brent crude settled 0.4% higher at about $104 a barrel.
2. Treasury yields in focus
The benchmark 10-year Treasury yield rose 2.8 basis points to 5.261%, reversing some of the week’s earlier gains, though it was down 3.5 basis points for the week. Investors are watching upcoming inflation reports for clues about the Federal Reserve’s October 27-28 policy meeting. The premium on 10-year French debt over German Bunds was about 138 basis points.
