Stock market today: Wall Street rises in early trading, though bond yields remain high

The S&P 500 was up 0.3% early Thursday, trimming its slump for August. The Dow rose 94 points and the Nasdaq composite rose 0.2%. Cisco Systems helped lead the way with a gain of 3.6%. The maker of networking products reported stronger profit and revenue for the latest quarter than analysts expected. Stocks have been retreating in August following a torrid first seven months of the year. A swift rise in bond yields is forcing a reassessment of how much to pay for stocks.

Inflation has slowed significantly since the central bank started its rate-raising campaign a year-and-a-half ago, but with consumer prices up 3.2% year-over-year, it's still higher than the Fed's target of 2%. Despite the furious pace of rate hikes, the labor market is robust and Americans remain the economic engine for the U.S. as they continue to spend.

Fed officials face a “tough balancing act” between “the risk of an inadvertent over-tightening of policy against the cost of an insufficient one,” said Tan Boon Heng of Mizuho Bank in a report.

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