Business Maverick: Stocks Climb as US Yields Halt Surge; Oil Tumbles: Markets Wrap

The S&P 500 rebounded from its lowest since mid-July, with every group but energy moving higher. At a presentation dubbed “Far Out,” Apple Inc. is set to unveil the iPhone 14 line, a fresh slate of smartwatches and new AirPods. West Texas Intermediate crude slumped below $85 a barrel. A dollar gauge was little changed after a rally that rattled currencies around the globe and briefly drove gold below the “danger zone” of $1,700 per ounce.

“Is there a light at the end of the rate hike tunnel?” said Alex Christensen, portfolio manager at Columbia Threadneedle. “That’s what many investors are wondering on the heels of last month’s Fed symposium in Jackson Hole. And the answer to that question will depend on if the Fed believes it has done enough to bring down inflation.”

“Economies all around the world are slowing down, and that’s really not a market that says we’re on the verge of a dynamic rebound in equities,” Margaret Patel, senior portfolio manager at Allspring Global Investments, told Bloomberg Television. “Earnings are going to decelerate a lot. That says a lot of stocks could go down.”

“History shows value stocks outperform around the start of recessions,” they wrote. Goldman economists forecast a one in three probability of a recession in the coming year.

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