World shares advance with oil steady, bond yields in retreat
SPY•World stocks rose to two-week highs on Tuesday, with the S&P 500 touching a record and the Nasdaq on track for a third consecutive all-time high. Oil was little changed near $100 a barrel, while the 10-year U.S. Treasury yield fell 4.4 basis points to 5.26%.
1. Stocks reach fresh highs
The S&P 500 rose 0.66% and touched a record for the first time since mid-August. The Nasdaq gained 0.6%, on track for a third consecutive all-time high, while the Dow advanced 0.5%; the pan-European STOXX 600 rose about 0.5%.
2. Yields and currencies ease
Long-dated U.S. Treasury yields retreated after reaching 24-year highs on Monday. The 10-year yield fell 4.4 basis points to 5.26%, and the 30-year yield dropped 2.9 basis points to 5.63%. The dollar index fell 0.3%, while traders reduced the implied chance of a Federal Reserve rate increase this month to 19% from about 50% a week earlier.
3. Earnings and oil in focus
Investors looked ahead to third-quarter earnings, which begin in earnest next week. Goldman Sachs estimates consensus forecasts imply 27% growth in S&P 500 earnings, with more than half coming from companies benefiting from AI infrastructure spending. Brent crude was little changed at about $100 a barrel, and Nvidia rose 0.5%.
