- US stocks edged higher on Thursday as investors prepare for more comments from central bankers.
- Fed Chairman Jerome Powell is scheduled to speak at the Economic Club of New York later today.
- His speech comes as the key 10-year US Treasury yield approaches the 5% level.
US stocks edged higher on Thursday, recovering a small portion of the losses experienced on Wednesday, as investors prepare for more comments from central bankers.
Federal Reserve Chairman Jerome Powell is scheduled to speak to the Economic Club of New York later today, and investors will be gauging whether he echoes the remarks from other Fed officials over the past week, which have been decidedly more dovish than hawkish.
Powell's speech comes as the 10-year US Treasury yield approaches 5%. The yield hit a high of 4.98% on Thursday, representing its highest level since June 2007.
Investors are also digesting a slew of earnings reports from companies, including Tesla, which missed analyst's profit and revenue estimates, and Netflix, which beat expectations.
Of the 64 S&P 500 companies that have reported earnings results so far, 73% have beaten profit estimates by a median of 6%, according to data from Fundstrat.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:
- S&P 500: 4,323.84, up 0.21%
- Dow Jones Industrial Average: 33,683.54, up 0.05% (18.46 points)
- Nasdaq Composite: 13,368.76, up 0.41%
Here's what else is going on today:
- America is in a "cardboard-box recession," and inflation could surge again, Charles Schwab's top global strategist said.
- Tesla is on track to wipe out $40 billion in market value as its shares fell 6% following Elon Musk's downbeat Cybertruck outlook.
- Netflix stock surged about 15% on Thursday after the company said it added nearly 9 million subscribers during its third quarter.
- Argentina's lust for the US dollar pushed its black-market rate up 60,000% since peso parity ended in 2002.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil fell 0.93% to $86.46 a barrel. Brent crude, the international benchmark, dropped 1.08% to $90.51 a barrel.
- Gold fell 0.20% to $1,964.40 per ounce.
- The 10-year Treasury yield jumped 5 basis points to 4.95% on Thursday.
- Bitcoin rose 0.81% to $28,556.