November 11, 2024
Stock Market

Stocks climb as Treasury yields ease, but weekly losses loom


US stocks rose on Friday morning as Treasury yields tipped lower, but markets were still on track for weekly losses as uncertainty over the Fed’s next move shadowed an earnings season in full swing.

The S&P 500 (^GSPC) gained 0.8%, after the benchmark snapped a three-day losing streak. The Dow Jones Industrial Average (^DJI) added 0.4%, while the tech-heavy Nasdaq Composite (^IXIC) put on 1.3%.

Stocks are reviving somewhat as a pullback in US bond yields lifted some recent pressure on risk appetite. The benchmark 10-year yield (^TNX) slipped to around 4.19%, easing back from a three-month high above 4.25% hit midweek.

But the Dow and S&P 500 still look poised for downbeat weeks after taking a hard knock from that surge, amid worries the Federal Reserve will go slow on interest-rate cuts.

Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards

Investors are now starting to brace for potential disruption on the horizon: The November US jobs report due next Friday, and the tight presidential election a week later.

Meanwhile, the spate of earnings is easing as the week draws to a close, with Colgate-Palmolive (CL) the highlight.

At the same time, Tesla’s (TSLA) earning surprise has laid the ground for five other “Magnificent Seven” megacaps reporting next week: Google parent Alphabet (GOOG, GOOGL), Meta (META), Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN).

Elsewhere in corporates, Capri (CPRI) stock cratered after a judge blocked the parent of Michael Kors from merging with Coach owner Tapestry (TPR).

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