Wall Street swings for gains and misses as oil, Treasury yields climb
SPY•The Nasdaq edged higher, while the S&P 500 slipped slightly and the Dow fell 0.3%. WTI crude settled up 2.7%, and the 10-year Treasury yield reached 5.223%.
1. Stocks pare losses
US stocks opened lower Thursday and recovered ground through the session as signs of progress in US-Iran peace negotiations emerged. The Nasdaq eked out a nominal gain, the S&P 500 ended slightly lower and the Dow fell 0.3%.
2. Oil and yields rise
Rising fuel prices kept inflation concerns in focus. The 10-year Treasury yield reached 5.223%, while 30-year Treasury yields hit their highest level since 2004. WTI crude settled up 2.7% and Brent crude rose 2.4%.
3. Sector performance
Communication services and travel and leisure were among the stronger groups, while utilities, materials, gold and silver miners, and Dow transports posted the steepest percentage losses. Cleveland Fed President Beth Hammock and Philadelphia Fed President Anna Paulson said the inflation fight was far from over and additional rate hikes were probably ahead.
