The S&P 500 rose, after dropping as much as 0.5 per cent, whilethe tech-heavy Nasdaq 100 bounced higher with gains in stocks like Tesla Inc. and Apple Inc. Treasury yields declined and the bond curve remained deeply inverted, pointing to worries that the Federal Reserve’s campaign of monetary tightening against high inflation will spark a U.S. recession.
In corporate news, activist investor Dan Loeb said he acquired a stake in Walt Disney Co. and called for sweeping changes. The shares rose for a fourth day to the highest since April. A gauge of New York state manufacturing activity plunged by the second-most in data back to 2001, with sharp declines in orders and shipments indicating an abrupt downturn in demand, a report showed Monday.
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