Stocks rise as Fed-friendly CPI sinks bond yields: Markets Wrap

U.S. Federal Reserve Chair Jerome Powell says he has some confidence inflation is headed lower but is not ready to say it is moving sustainably to the Fed's two per cent inflation goal yet during his semiannual testimony before the U.S. House Financial Services Committee.

Equities rose in early New York trading, following the S&P 500’s longest rally since November. Treasury 10-year yields declined 10 basis points to 4.19 per cent.• Delta Air Lines Inc. forecast a quarterly profit short of Wall Street’s expectations as heavy competition in the domestic market drives ticket prices down, dragging the carrier’s shares and pressuring rivals across the industry.

• Apple Inc. has avoided the threat of fines from European Union regulators by agreeing to open up its mobile wallet technology to other providers free of charge for a decade.

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