Wall Street Today | Treasury 30-Year Yield Rises to Highest Level Since 2014
MACRO
Investors Are Pouring Into U.S. Stocks to Avoid Greater Turbulence Overseas
Investors have added money to U.S. equity-focused stock and mutual funds for four of the past six weeks, according to Refinitiv Lipper data, while yanking money from international stock funds for 20 consecutive weeks. That's the longest streak since a 22-week run of outflows that ended in October 2019.
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Soft Landing Is Possible for US Yet Still a 'Hard Bet' to Place
The idea of a soft landing, with the Fed slowing growth just enough to tamp down inflation yet not cause the economy to roll over, got a boost last Friday on news employers added a healthy number of jobs in August. Still, investors worry whether it's time to wager on the central bank's progress.
SECTORS
Powell Channeling His Inner Volcker Risks Pushing Dollar Higher
The dollar could rally a lot further if Federal Reserve Chair Jerome Powell really is determined to channel a much-admired inflation-busting predecessor, Paul Volcker. While the Bloomberg Dollar Spot Index climbed to a record Tuesday, ICE Dollar Index was still a third below a record high in 1985.
Treasury 30-Year Yield Rises to Highest Level Since 2014
The US 30-year bond's yield exceeded its June 2022 high, revisiting levels last seen in July 2014, in a Treasury market selloff fueled in part by new corporate bond sales and a stronger-than-expected gauge of services activity.
COMPANY
Trump Media SPAC Deal Faces New Challenge: Its Own Investors
Shares of the special-purpose acquisition company $Digital World Acquisition Corp (DWAC.US)$ taking Donald Trump's social-media startup public fell as much as 21% Tuesday, triggered by uncertainty about whether investors will vote to give both sides more time to finish the deal.
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Juul to Pay $438.5 Million to Settle Probe Over Underage Vaping
Juul Labs Inc. agreed to pay at least $438.5 million in a settlement with more than 30 states, the latest step by the beleaguered e-cigarette maker to resolve allegations that it marketed its products to underage users. $Altria (MO.US)$
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Chevron Targets European LNG Market as Gas Demand Surges
$Chevron (CVX.US)$ is developing its liquefied natural gas business, with a new focus on Europe where nations are rapidly embracing the fuel as they seek to free themselves from dependence on Russian energy.
Zuckerberg Announces Event for Oct. 11 Where New Meta Headset Expected
$Meta Platforms (META.US)$ will hold its annual virtual reality conference, Connect, on Oct. 11, CEO Mark Zuckerberg announced on Tuesday. In an announcement, Zuckerberg appears to be wearing a new headset, which is likely Project Cambria, a highly anticipated and powerful mixed-reality headset.
Google Announces Event on Oct. 6 for Debut of New Phones and Its First Watch
$Alphabet-A (GOOGL.US)$ announced on Tuesday that it will host its fall hardware event on Oct. 6. at 10 a.m. ET. The company will talk more about its Pixel 7 and Pixel 7 Pro phones, and its first smartwatch ever, the Pixel Watch.
Source: Bloomberg, Dow Jones, CNBC
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