Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, US, October 26, 2020.Wall Street’s main stock indexes advanced in choppy trading on Monday after Treasury yields retreated from session highs, while investors awaited data and commentary from the Federal Reserve’s policy-makers to gauge its rate outlook.
Hawkish commentary from central bank officials last week and stronger-than-expected manufacturing and jobs reports pointed to a resilient US economy, easing the pressure on the Fed to cut interest rates quickly. The yield on 10-year Treasury notes rose to its highest level since last November earlier in the session.Market focus now shifts to the March reading of the US Consumer Price Index, due later in the week, that is expected to show a rise in headline inflation to 3.4% year-on-year, from 3.2% in February.
First-quarter earnings season picks up pace now, with banking giants JPMorgan Chase, Citigroup and Wells Fargo scheduled to report later in the week. Leading gains across mega cap growth stocks, Tesla rose 5.2% after CEO Elon Musk said the company would unveil the Robotaxi on August 8.
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