Benzinga examined the prospects for many investors’ favorite stocks over the last week — here’s a look at some of our top stories.
U.S. stocks ended a difficult week with a modest rebound Friday as investors tried to regain their footing following a sharp selloff driven by rising Treasury yields. The S&P 500 rose 0.43% Friday but still fell 1.4% for the week, while the Nasdaq Composite gained 0.43% on the day and lost 2% for the period, snapping three-week winning streaks. The Dow Jones Industrial Average climbed 517.80 points, or 0.98%, Friday but declined 0.9% for the week, marking its second straight weekly loss.
Financial and materials stocks helped support Friday’s recovery, while healthcare shares boosted the Dow. Crypto-related stocks also rallied as Bitcoin posted a 22% weekly gain. Still, the broader market remained under pressure.
Bond markets remained the central concern, with longer-dated Treasury yields continuing to climb amid fears that higher oil prices could keep inflation elevated. The 10-year Treasury yield rose above 4.73% Friday, while the 30-year yield reached about 5.27%, adding pressure to equity valuations. Investors now look to Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole Economic Policy Symposium next week for clues on interest rates and central bank policy.
