Wall Street ends mixed, US Treasury yields spike on robust data, solid earnings

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Chip shares came under pressure after President Joe Biden’s administration announced plans to halt shipments to China of more advanced artificial intelligence chips.Consensus-topping retail sales data along with solid profit beats from Bank of America and Goldman Sachs added to a growing mountain of evidence that the US economy is chugging along despite the Fed’s inflation-fighting interest rate hikes.

European stocks dipped as a spate of downbeat earnings and higher government bond yields offset rising energy shares and waning concerns over Middle East turmoil. Benchmark Treasury yields spiked after the strong retail sales data led market participants to adjust their expectations regarding the duration of the central bank’s tightening cycle.

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