Shares retreated Thursday in Asia after U.S. stocks fell under the weight of higher yields in the bond market, with the Dow Jones Industrial Average giving up more than 400 points.
Advance Auto Parts sank 11% after its results and revenue for the latest quarter came up just shy of analysts’ expectations. A report from the Fed released Wednesday said that it’s heard from businesses and other contacts around the country that consumers are pushing back against more increases to prices. That in turn is eating into companies’ profits as their own costs for insurance and other expenses continue to rise., economists at BNP Paribas expect a healthy job market, slowing inflation and even gains made by some investors in cryptocurrencies to help support the main engine of the economy.
Today's rally isn't a durable bull run, but is driven by investors who want to "grasp the suds of yesterday's bubble," John Hussman wrote.
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