Bond yields continued to rise with the 10-year Treasury note rising slightly to 1.672%, well above a recent low of 1.418%.
Bond yields continued to rise with the key 10-year Treasury note edging up to 1.648%, well above a recent low of 1.418% touched in November.
The yield on 10-year Treasury fell to 1.522%. Oil prices slipped as the COVID-19 surge in Europe raised concerns about the economic recovery.
Stocks edged lower as Treasury yields climbed on expectations the Fed may have to hike interest rates sooner.
Despite rising inflationary pressures and persistent supply chain disruptions, corporate earnings for the third quarter have outperformed.
The SkyBridge Capital boss said he believed gold would eventually be overtaken by bitcoin as an inflation hedge.
Global markets wobbled after data showed US inflation is running at its hottest since 1990, sending investors into safe havens like gold and dollars.
CPI gained 0.9% in October, higher than the estimated 0.6%. The reading marks an acceleration from the 0.4% gain seen in September.
Positive results on Pfizer's COVID-19 pill also helped spark a broad rally among travel-related stocks, such as aviation, cruise lines and hotels.
The economy added 531,000 jobs to nonfarm payrolls in October, beating the median forecast for a gain of 450,000.
The two-day meeting of the FOMC is expected to culminate in the central bank's announcement that it will begin tapering monthly bond purchases.
US economic output grew less than expected in the third quarter as the recovery fell to its slowest pace since the pandemic began.
Optimism over earnings outweighed concern about the impact of inflation ahead of a first read of US Q3 GDP that is expected to show a slowdown.
Catalytic converters are getting stolen from cars worldwide as prices of rare metals in the car parts hit record highs this year.
Facebook will report third-quarter results Monday, followed by Microsoft, Twitter, and Alphabet Tuesday. Apple and Amazon will also report this week.
The Appaloosa Management boss sees crypto as a store of value like gold, and advises investors to hold stocks for the long term.
Investors have two basic ways to own gold: physical bullion or gold stocks/funds. Bullion is more of a pure play, but stocks are easier to hold.