New economic data and the Fed’s latest policy decision had given investors hope last week that interest rates are near their peak. Meanwhile, corporate earnings in the third quarter are on track to show their first collective increase in a year.
The three major indexes opened higher before turning negative.
Major indexes slipped. The S&P 500 was slightly lower and on track to snap its streak of five consecutive sessions of gains. The Dow and tech-heavy Nasdaq Composite were also negative.
Treasury yields rose. The benchmark 10-year yield edged up after declining for four straight sessions.
KKR landed a $20 billion-plus deal to buy Telecom Italia’s fixed-line network. Telecom Italia stock slipped in Milan.
Oil prices rose. Brent crude was around $86 a barrel, after Saudi Arabia and Russia restated plans to extend production cuts through December.
Stocks rallied in Asia, following Friday’s gains in U.S. stocks. Korea’s Kospi Composite led gains, soaring 5.7% after a ban on short selling, for its best day since March 2020.
Earnings due this week include Uber, Carlyle and KKR on Tuesday and Walt Disney on Wednesday.
U.S. consumer-sentiment data, due Friday, is one highlight of a comparatively light week. Readouts on German and Chinese inflation are also due later this week.
