From Yahoo Finance: 2024-05-10 18:09:21

The stock market struggled as data indicated a slowing economy with stubborn inflation, challenging the outlook of Federal Reserve policy. Treasuries rose and equities wavered after US consumer sentiment declined amid a rise in short-term inflation expectations. Fed swaps show rate cut bets, amid calls for rate cuts due to a slowdown in key sectors. Some officials see risks of ‘stagflation’. Consumer spending remains crucial amidst rising inflation expectations. Fed remains cautious about cutting borrowing costs. Weaker-than-expected data raises concerns about economic growth.

Corporate highlights include McDonald’s $5 meal deal, Target’s decision not to sell LGBTQ-themed merchandise in some stores during Pride Month, Novavax’s $1.2 billion licensing agreement, and Moderna’s vaccine delay. Market movers include Sweetgreen’s shares surge, 3M’s upgrading to buy, and Taiwan Semiconductor’s 60% jump in sales. Most stock indices rose, as did the Bloomberg Dollar Spot Index, though Bitcoin and Ether fell. Bonds saw yields rise, while commodities had mixed performances. Future focus on Powell’s remarks and Wednesday’s consumer price index.



Read more at Yahoo Finance: Stock Rally Fades With Fed on Tightrope After Data: Markets Wrap