CNBC Daily Open: Bonds are driving stocks even amid big bank earnings
Publishing timestamp: 2023-10-17 19:59:06
Summary
The article discusses the struggles of U.S. stocks to make significant moves as Treasury yields rise. It mentions mixed economic news in Europe, including slowing wage growth in the UK and improved economic sentiment in Germany. It also highlights the strong retail sales in the U.S., with consumers spending more than expected. The article mentions the better-than-expected profit and revenue for Goldman Sachs, but notes that investors were not impressed. It also discusses the positive earnings and revenue for Bank of America, which was rewarded with a bump in its shares. The article mentions JPMorgan's strategist advising to buy gold and be cautious with stocks due to risks in the financial markets. It also discusses the impact of the retail sales report on GDP growth and the potential for a "soft landing" scenario for the U.S. economy. The article notes that the retail report may not be well-received by the Federal Reserve, as it gives them no reason to loosen policy and could push Treasury yields higher. Overall, the article highlights the influence of bond yields on the stock market.
Sentiment: MIXED
Tickers: .DJI, .SPX, GS, BAC, .IXIC, JPM,
Keywords: retail industry, earnings, world markets, nasdaq composite, u.s. treasury bonds, s&p 500 index, bank of america corp, economic events, jpmorgan drn, markets, dow jones industrial average, business news, united states, banks, goldman sachs group inc, germany,