Yields slip, global stocks struggle as economic fears grow | Malay Mail

NEW YORK, May 17 ― US stocks closed mixed yesterday as downbeat Chinese and New York state data kindled recession fears, but the 10-year Treasury note's yield staying firmly under 3 per cent spurred hopes the Federal Reserve will prudently hike interest rate hikes.

“The most important thing happening in the market right now is the fact that the 10-year yield has held below 3 per cent,” said Tom Hayes, chairman and managing member of Great Hill Capital LLC. The pan-European STOXX 600 index ended flat, up 0.04 per cent, with declining German and French indices closing lower and Britain's FTSE 100 rising on the day.

Goldman Sachs raised its 2022 earnings per share growth forecast to 8 per cent from more than 5 per cent, but cut its year-end target for the S&P 500 to 4,300 from 4,700 on interest rate and growth fears.

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