Oddbean

Stock market today: Wall Street drifts as yields ease on cooler economic data ========== U.S. stocks are drifting following mixed profit reports from big U.S. companies and signals that the economy may be cooling. The S&P 500 was 0.3% lower in early trading and has been generally pulling back since setting a record last week. The Dow Jones Industrial Average was down 300 points, or 0.8%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.4% lower. Salesforce was the main reason the Dow fell more than the rest of the market and tumbled 18.1%. Kohl’s fell even more, 25.8%, after reporting a surprise loss for the latest quarter when analysts were expecting to see a profit. Best Buy topped forecasts even though its sales fell short last quarter, and its stock rose 11.3%. Foot Locker ran 25.4% higher after likewise reporting better-than-expected profit despite ringing up sales below analysts’ forecasts. Yields fell Thursday after a couple reports showed the U.S. economy isn’t quite as strong as expected. The hope on Wall Street is that the economy can cool down, but not by too much, so that the Federal Reserve can hit a precise landing where it gets high inflation under control without causing a bad recession. The yield on the 10-year Treasury fell to 4.56% from 4.62% late Wednesday. The two-year yield, which more closely tracks expectations for Fed action, fell to 4.93% from 4.98%. #StockMarket #WallStreet #Yields #EconomicData https://apnews.com/article/stocks-market-rates-yields-inflation-dcdd2123ae17ec18072e5028f159eed9