Stocks rise as oil cools; Treasury yields hit four-month high

📆 4/8/2024 9:32 AM
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NEW YORK/LONDON :Equity indexes advanced slightly on Monday as oil prices retreated after a recent rally while U.S. bond yields hit their highest since late November and investors continued to rein in bets on Federal Reserve interest rate cuts.

Passersby walk past an electric stock quotation board outside a brokerage in Tokyo, Japan, December 30, 2022. REUTERS/Issei Kato/File Photo

"There's a cautious break in the action. After a fairly strong first quarter and questions about Treasury yields and energy prices, investors are taking a break from buying stocks," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. MSCI's gauge of stocks across the globe rose 2.52 points, or 0.32 per cent, to 779.03. Europe's STOXX 600 index rose 0.44 per cent.

U.S. Treasury yields moved higher on Monday as fixed income investors lowered their expectations for how deeply the Fed will be able to cut interest rates this year after the jobs report. Market pricing on Monday showed traders see a roughly 48 per cent chance of a Fed cut in June, down from around 59 per cent a week ago.

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