Stock market today: Wall Street drifts and holds steadier after last week's big swings
Stocks are drifting as Wall Street’s wild recent moves calm a bit
NEW YORK — U.S. stocks are drifting Monday as Wall Street’s wild recent moves calm a bit.
The S&P 500 was 0.2% higher in its first trading after careening from months of sharp losses to its best week of the year. The Dow Jones Industrial Average was up 41 points, or 0.1%, as of 11 a.m. Eastern time, and the Nasdaq composite was 0.3% higher. More stocks were falling on Wall Street than rising.
The flashpoint for the stock market’s movements in both directions has been what the bond market is doing, and it was regressing Monday following its own extreme moves.
The yield on the 10-year Treasury rose to 4.61%. That’s up from 4.57% late Friday, but it’s still below the perch above 5% that it reached last month, its highest level since 2007. High yields hurt prices for stocks and other investments, while slowing the economy and raising the pressure on the financial system.
This upcoming week looks to have fewer big events on the calendar that could shake markets. It’s a slower week for corporate profit reports, with roughly 50 companies in the S&P 500 set to say how much they earned during the summer. That’s down from about 150 a week before.
Constellation Energy rose 6.5% after it also reported better results for the latest quarter than analysts expected.
Berkshire Hathaway fell 1.5% after it reported its results for the latest quarter over the weekend. It reported a loss, but that was mostly because of drops in the value of some of its investments on paper. Looking only at operating profit, Warren Buffett’s company beat analysts’ expectations.
Even more companies than usual in the S&P 500 have been beating Wall Street’s profit forecasts this reporting season.
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