Stocks wavered as the possibility of further Federal Reserve policy tightening lifted Treasury yields and investors stayed on the sidelines amid bank earnings.
The S&P 500 was little changed. Two-year rates climbed to around 4.1% as investors scaled back expectations for rate cuts later in the year. New York state manufacturing activity unexpectedly expanded in April for the first time in five months as new orders and shipments snapped back.
Charles Schwab Corp. fell after the firm said deposits continued to erode in the first quarter and that it was halting share repurchases amid the worst US banking crisis since 2008. State Street Corp. dropped as it reported clients retreated from its investment products.
“The current season’s earnings profile is rather opaque,” said Peter Kinsella, head of FX strategy at Swiss asset manager UBP. “The banks last week did better than expected, but we have to see what the reporting season will be like from everyone else. But the S&P is expensive at current levels so you have to ask yourself if there is really much material upside from here.”
Key events this week:
Some of the main moves in the market:
Stocks
Currencies
Cryptocurrencies
Bonds
Commodities
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