From Yahoo Finance: 2024-05-29 08:23:57

Stocks fell while Treasury yields and the dollar edged higher due to concerns that US interest rates will remain elevated. ConocoPhillips sank 2.5% after agreeing to acquire Marathon Oil Corp. 10-year Treasury yields rose two basis points. Hawkish central bank talk and strong US data are delaying interest-rate cuts. The Stoxx 600 is up 2.1% for the month, boosted by tech mega-cap companies. Hedge funds’ exposure to these companies is at a record high. Brent crude rose to $84.80 per barrel amid heightened geopolitical tensions in the Middle East before an OPEC+ meeting. ConocoPhillips acquired Marathon Oil for about $17 billion. Anglo American Plc threatens to end a $49 billion pursuit of BHP Group. Royal Mail’s parent company agrees to a £3.6 billion takeover by Czech billionaire Daniel Kretinsky. Lenovo plans to sell $2 billion in zero-coupon convertible bonds to Saudi Arabia’s sovereign wealth fund. Key events this week include various economic reports and speeches by Fed officials. In the markets, stocks, currencies, cryptocurrencies, bonds, and commodities experienced various moves.



Read more at Yahoo Finance: Stocks Slide With Bonds as Traders Look to Auction: Markets Wrap