Wall Street rallies, Treasury yields rise as high profile earnings loom

 https://www.globalbankingandfinance.com/wall-street-rallies-treasury-yields-rise-as-high-profile-earnings-loom/ 


NEW YORK (Reuters) – Wall Street rebounded from Friday’s selloff and benchmark Treasury yields rose as investors embarked upon the first full week of third quarter corporate results while keeping a close eye on the Israel-Hamas war.


All three major U.S. indexes started the session with solid gains in a broad rally that favored economically sensitive sectors such as transports, consumer discretionary and materials.

Israeli forces continued their bombardment of Gaza after efforts to arrange a cease fire stalled as the conflict entered its tenth day.


“There’s some optimism among investors about earnings season and as they watch the situation in the Middle East,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “There’s feeling that we got through the weekend and we’re beginning earnings season and we’ll see where it takes us.”


A spate of big bank earnings reports on Friday marked the unofficial beginning third quarter earnings season, and the coming week promises to turn up the heat, with Bank of America , Goldman Sachs Group, Netflix, Tesla and a host of heavy-hitting industrials on deck.

Economic data was also sparse on Monday, with the New York Fed’s Empire State index posting a shallower than expected decline. Retail sales, industrial production, housing starts and existing home sales fill out the week’s roster.

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