Stocks rise after Fed minutes fail to surprise في

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A man wearing a mask walks in front of a bank’s electronic board showing the Hong Kong stock index in Hong Kong. Asian stock markets followed Wall Street lower on Wednesday after weak US services activity. AP

US stocks rose in the afternoon on Wednesday and long-term bond yields held lower after the minutes of the Federal Reserve’s latest meeting provided little reason for investors to shift their bets.

The Dow Jones Industrial Average rose 96 points, or 0.3%, while the S&P 500 rose 0.4% near intraday highs, and the Nasdaq Composite advanced 0.1%. The 10-year Treasury yield fell 3 basis points, or hundreds of a percentage point, to 1.32%. Over the course of the week, 10-year bond yields fell 11 basis points.

Minutes from the last FOMC meeting showed a split: some officials said they expected to start ending bond purchases earlier than they previously thought, while others wanted to wait. This came after employment data showed that fewer workers left their jobs in May, and that the expected increase in job opportunities was not as large as expected.

As earnings season approaches and expectations are high, “we can’t ignore the bond market and stock market focus in developing stocks — if bonds find more bidding and push the 10-year below 1%, then the stock market can,” wrote Neil Wilson, chief market analyst at Markets.com. , in a note to clients.

Asian stocks ended mixed, with China’s CSI 300 index up 1.1%, although tech stocks such as Alibaba and Baidu remained under pressure amid a government crackdown on tech companies. US-listed Didi Global plummeted on Tuesday after it was asked to stop registering new users and pull its app from online stores while it works to enhance customer security.

Announcements of cybersecurity investigations into other US-listed Chinese companies sent shares of Full Truck Alliance and Kanzhun down on Tuesday.

The Stoxx Europe 600 Index is up 0.8%, even after Tuesday’s mostly weaker session on Wall Street. On Wednesday, the European Union raised its growth forecasts for 2021 and 2022, citing effective COVID-19 containment strategies and advances in vaccination that have helped economies reopen.

The benchmark crude extended its declines from Tuesday after hitting levels last seen in 2014 after talks between the Organization of the Petroleum Exporting Countries (OPEC) and its allies collapsed over differences over production increases. WTI was down 2.2% at midday and Brent crude was down 1.9%.

Didi Global (stock symbol: DIDI) fell 6.9% in one day after losing 20% ​​after Chinese regulators ordered it be removed from app stores in that country. US Senator Marco Rubio also called the company.

AMC Entertainment (AMC) stock is down 8.4% after falling 3.9% on Tuesday. This sets it up for a fourth loss in a row, which would be the longest losing streak since April.

Oasis Petroleum (OAS) rose 1.2% after being promoted to outperform RBC Capital’s segment performance.

Boston Beer (SAM) is up 2.6% after being upgraded to Outperform from Neutral at Credit Suisse.

Sunnova Energy International (NOVA) gained 0.3% after upgrading to Strong Buy from Outperform in Raymond James.

Masco (MAS) stock is down nearly 0.5% after being cut to Underweight by JPMorgan’s Neutral.

Write to Alexandra Scaggs at [email protected] and Ben Levisohn at [email protected]

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