Wall Street rises as 10-year Treasury yield retreats below 5%
© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange in New York City, U.S., October 20, 2023. REUTERS/Brendan McDermid/File photo
Bill Ackman's hedge fund Pershing Square Capital Management has covered its bond short position, the billionaire investor posted on messaging platform X, saying it was too risky to remain short on bonds at current long-term rates.) , which have helped power the S&P 500 higher in 2023 while the other indexes lagged, report later this week.
Overall, earnings are expected to grow at 1.2% in the third quarter for S&P 500 companies, as per LSEG data. U.S. GDP print, expected on Thursday, will be closely monitored amid expectations that the economy expanded at a robust 4.2% in the third quarter, which might warrant tighter monetary policy.
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