NEW YORK — Potential threats to the momentum of Hostess Makes, Inc. have not nonetheless translated into problems for the Kansas Metropolis-dependent corporation, said Robert Moskow, a study analyst with Credit rating Suisse. Concluding that prospective clients for the snack cake organization keep on being dazzling, Mr. Moskow supplied an update on Hostess following latest conferences done with major company executives.
The update touched on numerous topics, but with a certain emphasis on the different methods inflation may well or could not adversely impact Hostess, Mr. Moskow said.
“(Main executive officer Andrew P.) Callahan struck a optimistic tone regarding the company’s in close proximity to-term organization momentum though also acknowledging the threats of increased inflation and the likelihood that a competitor will rebound in the following few quarters immediately after dealing with source chain disruption in 1Q,” Mr. Moskow mentioned.
Credit Suisse at present costs Hostess as an outperform, one particular of only a few businesses with that score (jointly with Mondelez Worldwide, Inc. and The Hershey Co.).
Although Hostess has elevated its inflation expectations to significant teens from reduced solitary digits in January, the firm initiated new pricing motion for the duration of the second quarter as an offset, Mr. Moskow said. He claimed the enterprise expects some margin force in the next quarter from an implementation lag but with profitability improving in the closing fifty percent of the calendar year.
“They have modeled increased elasticity from people in response to these pricing actions, but the SBG (sweet baked merchandise) classification has demonstrated resilient to financial recessions in the past, and Hostess has strong positions in the benefit segment of the sector,” Mr. Moskow reported. “Interestingly, Callahan emphasised the great importance of long-time period gross margin sustainability as essential to its very long-phrase design since of its correlation with ROI (return on investment).”
In response to concerns about potential pushback from Walmart Inc. on potential pricing, administration said no alter in Walmart’s frame of mind toward inflation and pricing was detected throughout meetings between the corporations.
An significant potential menace to a segment of Hostess’ organization stems from soaring gas selling prices, Mr. Moskow claimed. He stated that historically, sweet baked merchandise income occur beneath tension when gasoline price ranges are solid considering that shoppers have a tendency to reduce back on driving.
“But management stated they have not viewed any signs of this habits in the c-shop channel nevertheless,” he said. “Drivers trying to save funds are fueling their tanks halfway and continue to getting into the retail store to buy snacks. Profits in the greenback retail outlet channel stay strong. The business expanded distribution significantly at Dollar Tree when the retailer launched $1.25 price details. Management emphasized its prolonged shelf existence technologies as a competitive advantage in excess of immediate-retailer distributors in the drive towards channel ubiquity.”
For a longer period phrase, Mr. Callahan stays very upbeat about Hostess growth prospective buyers, telling the Credit score Suisse analysts the organization is “just receiving began.” Its SBG industry share is at 21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Whilst the enterprise could not match in 2022 the powerful general performance of new merchandise past calendar year like Bundts and Crispy Minis, “the enterprise is functioning with a significantly much more refined purchaser-pushed technique to innovation than its peers and has a far more robust pipeline,” Mr. Moskow reported. Not long ago introduced solutions, like the Strengthen donuts and Bouncers, have accomplished well, he extra.
U.S stocks jumped early Wednesday as Wall Street entered a fresh month of trading.
The S&P 500 climbed 0.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, while the Dow Jones Industrial Average gained 260 points, or 0.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The Nasdaq Composite rose 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.
An upbeat earnings report from Salesforce (CRM) late Tuesday gave sentiment a boost after the software company raised its profit forecast and said it did not see any significant impact on operations from macroeconomic uncertainty.
The outlook comes in contrast with some downbeat quarterly results from some corporate peers that signaled struggles with rising costs and supply chain imbalances ahead. Shares of Salesforce surged as much as 12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at the open.
“We’re just not seeing material impact on the broader economic world that all of you are in,” Salesforce Chief Executive Officer Marc Benioff said in an earnings call.
In a meeting with Federal Reserve Chair Jerome Powell on Tuesday, President Joe Biden discussed inflation — a “top economic priority” of his administration — while shifting responsibility to the central bank and emphasizing its independence. The meeting followed a Wall Street Journal op-ed by Biden underscoring his focus on taming soaring prices.
“At the end of the day, inflation is the biggest political challenge that is out there,” John Hancock Investment Management Co-Chief Investment Strategist Matthew Miskin told Yahoo Finance Live on Tuesday. “To bring down inflation, [the Fed has] got to bring down the economy.”
June also marks the beginning of the Federal Reserve process to begin shrinking its $8.9 trillion balance sheet. The central bank is also expected to raise interest rates by another 50 basis points when officials meet for their next policy-setting meeting later this month.
Wednesday’s early moves follow an eventful May on Wall Street marked by worries of a recession, decades-high inflation levels and rising interest rates.
Despite a month of sharp gyrations in equity markets, the S&P 500 churned out a small gain of less than 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} – even after seven consecutive weeks of losses briefly dragged the index into bear market territory. The Dow Jones Industrial Average also closed slightly up for May, while the Nasdaq Composite deepened losses for the month amid a continued rotation out of technology stocks.
In the past decade, the month of June has returned an average 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, ranking it the fourth best month of the year, according to data from LPL Financial. Over the past 20 years, however, the month has been weak, with only September worse for stocks.
“June has something for everyone, as it is no doubt a very weak month historically, but the past decade it has been strong,” LPL Financial Chief Market Strategist Ryan Detrick said in a note. “Still, after the big bounce in late May, we wouldn’t be surprised at all if this recent strength continued into a potential summer rally.”
Bespoke Investment Group pointed out in a note Tuesday that summer months have historically seen weaker stock market returns relative to winter and early spring. According to data from the firm, the Dow Jones Industrial Average has averaged a gain of 0.47{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in June over the last century, but has been a “coin flip” for positive returns during the month, logging gains only 52{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the time.
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9:33 a.m. ET: Wall Street kicks off June with gains after closing out volatile month
Here’s where the major indexes were trading at the start of Wednesday’s session:
S&P 500 (^GSPC): +24.02 (+0.58{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,156.17
Dow (^DJI): +239.63 (+0.73{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,229.75
Nasdaq (^IXIC): +93.71 (+0.78{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,175.10
Crude (CL=F): +$2.02 (+1.76{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $116.69 a barrel
Gold (GC=F): +$1.00 (+0.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,849.40 per ounce
10-year Treasury (^TNX): -0.2 bps to yield 2.8420{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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7:22 a.m. ET: Futures struggle for direction as investors gear up for June trading
Here were the main moves in early trading Wednesday after Wall Street closed out a volatile month:
S&P 500 futures (ES=F): +6.25 (+0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,137.50
Dow futures (YM=F): +132.00 (+0.40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,103.00
Nasdaq futures (NQ=F): -1.25 (-0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,645.25
Crude (CL=F): +$1.38 (+1.20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $116.05
Gold (GC=F): -$14.70 (-0.80{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,833.70 per ounce
10-year Treasury (^TNX): +10.1 bps to yield 2.8440{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
NEW YORK, NEW YORK – MAY 25: Traders participate in a moment of silence at the start of the trading day for the victims of the school shooting in Texas on the floor of the New York Stock Exchange (NYSE) on May 25, 2022 in New York City. At least 21 people were killed, including nineteen children. (Photo by Spencer Platt/Getty Images)
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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
Read the latest financial and business news from Yahoo Finance
U.S. stocks ended sharply higher Thursday after a comeback from recent selling gained momentum and placed markets on track to snap a 7-week losing streak.
The S&P 500 surged 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, and the Dow Jones Industrial Average gained 518 points, or 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The Nasdaq Composite jumped 2.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} as the index attempts to claw its way out of bear market territory.
Strong retail earnings Thursday morning spurred markets early in the session, with Macy’s (M) rising as much as 18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in intraday trading after the retail giant raised its profit outlook in an upside surprise to investors weighing a slew of downward forecast revisions from peers. Shares of discount retailers Dollar Tree (DLTR) and Dollar General (DG) were also up more than 21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after both companies raised forecasts on Thursday.
Boosted by the string of better-than-expected results, the S&P 500 Consumer Discretionary Index rose as much as 5.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in its best day since April 2020 as optimism on the health of the consumer at least temporarily returned.
“Today’s relief rally is a signal to investors that despite the inflation headwinds that many companies are facing, consumers still have the wherewithal to spend,” Allianz Investment Management Senior Investment Strategist Charley Ripley said in a note. “The overall economy is still underpinned by a very strong labor market and while challenges to margins have emerged for some big-box retailers, there are other signals in the economy that show consumers still have the ability to spend. Overall, markets were hovering near oversold territory and today’s rally was a result of walking back some of the recent recession fears.
LPL Financial Chief Equity Strategist Quincy Krosby also pointed out in a note that news of Broadcom’s (AVGO) deal to buy cloud computing VMware (VMW) for nearly $61 billion helped buoy investor sentiment, offering a “glimmer of the return of deals.”
“The purchase, indeed a large one, especially during a significant downdraft in the technology sector, suggests that value is being created as the market re-calibrates its valuation while the Federal Reserve raises interest rates and begins the taper of its balance sheet,” Krosby said.
The moves in markets Thursday build on a reprieve for equities, which closed higher Wednesday amid a streak of day-to day gyrations. In the first 100 trading days of the year, however, the S&P 500 was down 16.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, marking its worst start to the year since 1970 and fourth worst start to a year in history, per data from LPL Financial.
Investors also digested a bevy of economic releases Thursday morning, including a revised estimate on U.S. GDP that showed economic activity fell at a 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annualized rate in the first three months of 2022, upwardly revised from an initial estimate of 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Bloomberg economists had anticipated the second reading to come in at 1.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Meanwhile, applications for unemployment insurance ticked back down in the latest weekly data to 210,000 in the week ended May 21.
Last week, several retailers, including Walmart Inc. (WMT), slashed their outlooks and warned inflation was likely to weigh on profits.
Chip designer Nvidia Corp. (NVDA) was the latest in a growing list of companies reporting weaker second-quarter forecasts and alluding to economic constraints ahead. The company’s stock fell in extended trading Wednesday after Nvidia warned current-quarter revenue was likely to come in $500 million lower due to headwinds from Russia’s war in Ukraine and COVID lockdowns in China. Nvidia shares pared these losses early Thursday, rising 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} about a half hour into the trading session.
Software company Snowflake (SNOW) also cut its forecast late Wednesday, and shares of the company were down as much as 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in early trading on Thursday.
Recent trading sessions have seen sharp drawdowns in some big-name stocks after earnings reports that affirmed investor worries about the impact of inflation on corporate margins. Earlier this week social media giant Snap Inc. (SNAP) tumbled 43{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in its biggest-one day drop on record, spurring a sell-off of other digital ad-dependent stocks that dragged the Nasdaq down to its lowest close since November 2020.
Last week, the downswing occurred in retail after Walmart and Target (TGT) set off the recent trend of dramatic pullbacks in individual names following weaker earnings forecasts. According to data from FactSet, S&P 500 companies reporting results for the first quarter have seen the largest negative price reaction to positive earnings per share surprises since 2011.
“Whether it’s today or tomorrow, it does feel like we’re starting to digest what is a seemingly large amount of bad news,” Acorns Chief Investment Officer Seth Wunder told Yahoo Finance Live on Wednesday. “The key thing is to get data that eases some of the pressure off of the Federal Reserve.”
The pickup in disappointing guidance has kept Wall Street on edge for signs the central bank’s interest rate hiking plans will be effective in bringing prices back down to healthier levels. Minutes released Wednesday from the Fed’s May policy-setting meeting indicated the majority of officials were strongly committed to rate hikes of 50 basis points at each of the next two meetings in June and July. So far this year, policymakers bumped short-term borrowing costs by 50 basis points earlier this month and 25 basis points in April.
“Though market participants have feared this stance, it should be noted that the Fed has in excess of $100 billion is securities maturing on its balance sheet coming up, so the resulting asset purchases can help negate growth concerns this summer,” Comerica Wealth Management Chief Investment Officer John Lynch said in an emailed note. “It’s actually a perfect time for the Fed to raise aggressively and send a message to markets that they’re serious about inflation without sending growth into a tailspin.”
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4:00 p.m. ET: Stocks jump as markets look to cap weeks-long losing streak
Here’s where stocks capped Thursday’s trading session:
S&P 500 (^GSPC): +79.21 (+1.99{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,057.94
Dow (^DJI): +518.16 (+1.61{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,638.44
Nasdaq (^IXIC): +305.91 (+2.68{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 11,740.65
Crude (CL=F): +$3.72 (+3.37{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $114.05 a barrel
Gold (GC=F): +$4.60 (+0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,850.90 per ounce
10-year Treasury (^TNX): +0.7 bps to yield 2.7560{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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12:56 p.m. ET: S&P 500, Dow, and Nasdaq rally amid string of positive earnings reports
Here were the main moves in markets as of 12:56 p.m. ET:
S&P 500 (^GSPC): +88.13 (+2.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,066.86
Dow (^DJI): +588.88 (+1.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,709.16
Nasdaq (^IXIC): +337.94 (+2.96{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 11,772.68
Crude (CL=F): +$4.22 (+3.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $114.55 a barrel
Gold (GC=F): -$2.40 (-0.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,843.90 per ounce
10-year Treasury (^TNX): +3.6 bps to yield 2.7850{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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11:39 a.m. ET: Pending home sales fall to lowest since 2014
The National Association of Realtors’ Pending Home Sales Index fell 3.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} last month to 99.3, the lowest since 2014. The figure is down 9.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from the same period a year ago. The index is a gauge of houses going under contract and typically leads existing home sales by one or two months.
Economists surveyed by Bloomberg had anticipated a 2.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} drop, according to data.
“Higher mortgage rates have broken the housing market’s fever,” Comerica Chief Economist Bill Adams said in commentary Thursday. “Early this year, listings were swamped with multiple offers across much of the country, but the average rate on a 30-year conventional mortgage is up by two full percentage points since late 2021, throwing many homebuyers’ plans into disarray.”
“Some of the buyers who had to go back to the drawing board as interest rates rose will adjust, draw up more modest budgets, and return to the market,” Adams noted. “This will help home sales to stabilize later this year, but with house prices and interest rates much higher than pre-pandemic, there will simply be fewer Americans who can afford homeownership.”
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10:17 a.m. ET: Crypto under pressure as tech stocks gain
The start of Thursday’s trading session has been raucous, with the Nasdaq leading the charge up nearly 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} despite both Nvidia and Snowflake giving investors yet another downbeat forecast from former tech high-flyers last night.
Notably, however, crypto was not catching the same bid as the riskiest pockets of the market were rallying.
Bitcoin (BTC-USD) traded back below $29,000 at one point on Thursday morning, while Ethereum (ETH-USD) was down in excess of 8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, falling below $1,800 in morning trade on Thursday.
As we’re drafting this update, there’s a bit of a rebound happening in the crypto space, but this divergence between stocks and crypto — if it holds — is certainly something to watch.
—Myles Udland, senior markets editor at Yahoo Finance
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9:34 a.m. ET: Stocks open mixed as market struggles to rebound from losses
Here were the main moves in markets during the opening bell on Thursday:
S&P 500 futures (ES=F): +15.75 (+0.40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 3,992.50
Dow futures (YM=F): +134.00 (+0.42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,210.00
Nasdaq futures (NQ=F): +20.00 (+17.00{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 11,962.25
Crude (CL=F): +$0.88 (+0.80{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $111.21
Gold (GC=F): -$2.60 (-0.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,843.70 per ounce
10-year Treasury (^TNX): -1.1 bps to yield 2.7490{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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9:07 a.m. ET: US GDP contracted at slightly faster rate in the first quarter
U.S. gross domestic product fell at a 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annualized rate in the first three months of 2022, according to a revised estimate out of Washington.
The nation’s GDP – the broadest measure of economic activity – was initially believed to logged a 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} contraction between January and March. The second reading came in higher than the revised contraction of 1.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Bloomberg economists had anticipated.
In the fourth quarter, economy grew at a robust 6.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} pace. The slowdown comes amid lingering supply chain imbalances, inflation, and disruptions from war in Eastern Europe that weighed on growth.
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8:58 a.m. ET: US jobless claims fall after climbing unexpectedly last week
Applications for unemployment insurance ticked back down in the latest weekly data, underscoring continued strength in the labor market despite higher inflation and worries of an economic slowdown.
The Labor Department’s latest weekly jobless claims report showed 210,000 claims were filed in the week ended May 21, coming in below the 215,000 economists surveyed by Bloomberg had expected. Last week, filings unexpectedly climbed to 218,000, the highest level since January.
Weekly claims continued to hover near a multi-decade low. However, several retailers, including Walmart Inc. (WMT), have recently slashed their outlooks and warned inflation was likely to weigh on profits, raising concerns among market participants that layoffs could be underway.
“Major retailers are reporting margin pressure and softer consumer demand as inflation erodes discretionary spending power and consumers redirect spending dollars from goods to services,” Comerica Chief Economist Bill Adams said in a recent note. “This will lead to slower job growth in the retail and e-commerce industries in the rest of 2022.”
“The stock market selloff could dampen business sentiment and make some businesses more cautious about hiring, especially businesses that are cash flow negative and rely on investors’ money to fund operations like many startups,” he added.
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7:22 a.m. ET: Futures jump as the indexes claw back from sell-off
Here’s where stock futures were in pre-market trading Thursday:
S&P 500 futures (ES=F): +15.75 (+0.40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 3,992.50
Dow futures (YM=F): +134.00 (+0.42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,210.00
Nasdaq futures (NQ=F): +20.00 (+17.00{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 11,962.25
Crude (CL=F): +$0.88 (+0.80{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $111.21
Gold (GC=F): -$2.60 (-0.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,843.70 per ounce
10-year Treasury (^TNX): -1.1 bps to yield 2.7490{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
A person enters the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., May 19, 2022. REUTERS/Andrew Kelly
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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
Read the latest financial and business news from Yahoo Finance
