Consumer companies rose as fears about inflation and interest rates subsided.
U.S. private-sector employment rose by a tepid 89,000 in September, the most meager growth in two-and-a-half years payroll processor ADP said, perhaps a sign the labor market is slowing down.
The Federal Reserve has warned that inflationary pressures and interest-rate increases are unlikely to come to an end until the labor market cools.
The latest leg up in Treasury yields — and a major equity selloff — Tuesday was triggered by surprisingly strong report on job openings. As a result, long-term Treasury yields are testing multidecade highs around 5%, and mortgage rates continue to rise, threatening to cast a pall on the housing market.
The average 30-year mortgage rate is at the highest level in 23 years, at 7.72% as of Oct. 3, according to Mortgage News Daily.
“The labor market, in spite of today’s bad report, continues to be pretty strong,” said Oliver Pursche, senior vice president at financial advisory Wealthspire.
“We’ve seen a weak report sandwiched between strong reports before. You need to see two or three of these weak reports before you can start extrapolating a shift in trends,” Pursche said.
Prada, the luxury maker of leather bags and boots, will help design spacesuits astronauts will wear on the moon.
Cruiseline Carnival may raise ticket prices as a rebound in demand coincides with higher fuel costs.
Write to Rob Curran at [email protected]
Read the full article here