BofA Says US Stocks Can Avoid Big Drop If Yields Stay Below 5%

-- US stocks can avoid a dire outlook as long as bond yields stay below a historic high of 5%, according to Bank of America Corp. strategist Michael Hartnett.The strategist — among the more bearish voices on Wall Street — said the S&P 500 index can continue to trade above 4,200 points in the near term in such a scenario.

With money market funds still seeing annualized inflows this year at $1.4 trillion, investors need to see an economic contraction as well as rate cuts to “sell cash” and “ignite new bulls,” the strategist said.About $8.2 billion left global stock funds in the week through Oct. 11, while cash funds attracted $16.9 billion and $3.7 billion entered bond funds, according to the note citing EPFR Global

NEW YORK -Digital World Acquisition Corp, the SPAC that plans to merge with former U.S. President Donald Trump's media and technology company, said this week it would return to investors $533 million raised for the deal, after some have already backtracked on $467 million of commitments.

Russia rolls out currency controls in a bid to revive the ruble, which has cratered against the dollar this year

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U.S. crude stocks rose last week while fuel inventories fell, EIA saysU.S. crude inventories rose by 10.2 million barrels in the last week to 424.2 million barrels
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BofA turns bullish on stocks. Plus, why markets are displaying little reaction to the crisis in the Middle EastA roundup of investment ideas for active investors
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Stocks waver after wholesale inflation data surprises: Stock market news todayAfter the PPI update suggests inflationary pressures persist, the focus is on Federal Reserve minutes for insight into whether the era of hikes is over.
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Stocks waver after inflation data surprise, Fed minutes: Stock market news todayWall Street is looking ahead to consumer inflation data on Thursday for more insight into the Fed's next move.
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Stocks mixed as CPI inflation holds steady: Stock market news todayStocks were mixed on Thursday as investors digested a September inflation report that some economists believe will keep the Fed on hold in November but could...
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