Stocks fluctuated as traders assessed corporate earnings and economic data, with the Federal Reserve getting ready to wind down stimulus.
Equity gains waned after a report showed that persistent supply-chain challenges continued to weigh on manufacturers in October. The S&P 500 was little changed, while the Dow Jones Industrial Average backed away from the 36,000 level it touched earlier Monday. Treasuries retreated.
In an interview with Bloomberg News, Treasury Secretary Janet Yellen dismissed recent moves in the bond market that have signaled concern about policy makers squelching growth, and expressed confidence in the recovery. More than 80% of S&P 500 companies reporting third-quarter results have beaten Wall Street estimates. That has laid the groundwork for a nearly 6% gain in the benchmark since the season began — the best performance over a comparable period since 2014.
For Morgan Stanley strategist Michael Wilson, the bullish trend for stocks can continue into the Thanksgiving holiday later this month, but “not much longer” as the Fed is expected to start tapering and earnings growth will slow further into next year.
Here are some events to watch this week:
Some of the main moves in markets:
Stocks
Currencies
Bonds
Commodities
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