U.S. stocks kicked off the week posting modest gains after a bumpy start to trading.
One reason for the acceleration in inflation: Rising oil prices, spurred by Saudi production cuts that have created a supply shortfall.
In a bumper week for central banks, decisions are also on tap from the Bank of England, Bank of Japan, the central bank of Turkey and several others.
All three major U.S. stock indexes firmed up gains after bouncing around in early trading, looking to rebound after Friday’s tech-led selloff.
Treasury yields retreated from their morning highs. The yield on the 10-year note was recently 4.317%, according to Tradeweb, down from nearly 4.36% earlier in the session and 4.321% Friday. The yield needs to end the day above 4.339% to mark its highest close since 2007.
Benchmark U.S. crude futures climbed but were also giving up gains in the afternoon. Energy company shares remained higher but dropped behind information technology as the S&P 500’s best performing sector.
European stocks fell, led down by construction and tech shares, playing catchup with Wall Street’s Friday swoon.
Asian markets were mixed, with gains in mainland China and losses in Hong Kong. Japanese markets were closed.
