Stocks find footing as Treasury yields ease
SPY•Wall Street closed nominally higher as the benchmark U.S. Treasury yield eased from a 24-year high, snapping a seven-session streak of gains. Investors awaited a September jobs report expected to show 90,000 jobs added and unemployment steady at 4.1%.
1. Stocks reverse losses
Wall Street reversed an earlier selloff to close higher as Treasury yields eased. Energy, chips, software and services, and Dow transports outperformed, while healthcare and communication services lagged; European stocks closed at three-month lows.
2. Yields and forecasts
The benchmark Treasury yield pulled back from a 24-year high as buyers stepped in, ending seven consecutive sessions of gains. Friday’s U.S. employment report was expected to show 90,000 jobs added in September, with the jobless rate holding at 4.1%. Micron and Accenture rose after providing better-than-expected revenue forecasts.
