Stocks are rallying and yields are higher, as investors buckle up for a wave of earnings reports this week. The spotlight will be Tesla (TSLA) and Netflix (NFLX), both reporting Wednesday after the bell. The Dow Jones is on pace for its best day since June.
Comments from Philadelphia Fed Reserve President Patrick Harker kept the rally going. He advocated for stopping interest rate hikes, noting that disinflation is under way.
“I believe that we are at the point where we can hold rates where they are. Disinflation is under way, labor markets are coming into better balance, and economic activity continues to be resilient…By doing nothing, we are doing something. And I think we are doing quite a lot.”
All eleven sectors are posting strong gains with six up at least 1% and Consumer Discretionary trading among the outperformers.
On the economic front, the New York Fed Empire index is back in contraction at -4.6 vs. +1.9% in September, while missing consensus of -6%.
Employment moved back into expansion.
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