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9:40Now PlayingComprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Griefeld, Carol Massar and Tim Stenovec.
Relative calm enveloped Wall Street, with stocks rising as traders parsed a batch of corporate outlooks. Treasuries bounced from session lows as a $22 billion sale of 30-year bonds showed appetite for longer-term debt despite concerns about the US deficit and the impacts of tariffs.
Just a few days ahead of the unofficial start of the earnings season that will bring results from big banks, an upbeat forecast from Delta Air Lines Inc. lifted the industry. The S&P 500 hit a record, approaching 6,300. Tesla Inc. jumped on plans to expand its Robotaxi service to California and Arizona. Nvidia Corp.’s value topped $4 trillion. The chipmaker’s chief Jensen Huang was said to meet with President Donald Trump before a planned trip to China.
Treasury 10-year yields rose one basis point to 4.34%, while those on 30-year bonds were little changed at 4.86%. Thursday’s debt auction was awarded at 4.889% vs a 4.890% when-issued yield at the 1 p.m. New York time bidding deadline. A drop in jobless claims in a period that included the Independence Day holiday was taken in stride. The dollar wavered.
Markets are caught up in a mix of sometimes contradictory risks surrounding tariffs, fiscal policy and the Federal Reserve outlook. Trump’s flurry of new warnings have done little to rattle trading as they did when the “reciprocal tariffs” were announced in April, with investors focusing on the overall extension of the deadline to Aug. 1.
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