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S&P 500 Rises 0.1% as Oil and Bond Yields Retreat

By Markets Desk · · 1 min read
A flat vector illustration of a trading floor with rows of desks and computer monitors

U.S. stocks held near record highs on Tuesday, supported by a fifth straight day of falling oil prices and steady bond yields.

Key points

  • S&P 500 rose 0.1% to end within 0.4% of its all-time high on Tuesday.
  • Brent crude oil prices fell to $99.66 per barrel, down from nearly $110 last week.
  • JPMorgan Chase fell 3.1% as the Fed's first rate hike in three years pressured bank margins.

The S&P 500 index rose 0.1% to sit 0.4% below its all-time high. This modest gain occurred as Brent crude oil prices retreated to $99.66 per barrel.

The 10-year Treasury yield held steady at 4.96%, marking the fifth consecutive day of decline. According to yakimaherald.com, this stability helped calm market nerves during a quiet trading session.

Corporate earnings drive market resilience

AutoZone shares jumped 6.1% after the retailer reported quarterly profits above analyst expectations. CEO Phil Daniele noted that the selling environment improved significantly after a difficult start to the quarter.

Thor Industries stock rose 5.1% despite CEO Bob Martin citing high fuel costs and inflation. The company delivered stronger profits than forecast, helping it reach a fiscal inflection point.

Banking sector faces rate pressure

JPMorgan Chase fell 3.1%, weighing heavily on the S&P 500 performance. Banks are under pressure because the Federal Reserve raised the overnight rate for the first time in three years.

ConocoPhillips dropped 1.7% as crude oil prices trimmed their earlier losses. The retreat from nearly $110 per barrel reduced immediate revenue expectations for energy producers.

Global markets track AI developments

On Holding shares surged 8.8% after the Swiss sportswear firm announced a $1 billion buyback plan. This move aims to boost per-share performance through direct cash returns to investors.

Asian markets ticked higher as Alibaba unveiled new artificial intelligence chip technologies. This announcement came days before a meeting between Chinese and U.S. leaders focused on AI competition.

Based on reporting by yakimaherald.com, compiled by the Tradingbird desk.

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