Dow, S&P 500 Edge Up; GameStop, Peloton Stocks in Focus

The fracas in the Treasury market has died down, at least for now. Stocks, meanwhile, were moving higher.

Yields on the 10-year note are poised to snap a three-day streak of gains, edging down to 4.61%. The 10-year Treasury yield’s rapid ascent that has rattled investors.

The rise in oil markets has also paused, helping stem losses for bond prices.

“My sense is the market is sniffing out that the 10-year Treasury is going to start to stabilize. The market is almost trying to front run that,” said Keith Lerner, co-chief investment officer at Truist Advisory Services.

Stock indexes rose, with the Nasdaq up 1% and the Dow up nearly 200 points. Indexes edged higher in Europe and fell in Asia. Meanwhile, European bond yields rose.

Stock gains were fairly broad, with utilities the only sector in the S&P 500 to retreat. Materials and communications services led the advancers.

GameStop shares first rose after the videogame retailer named Ryan Cohen as its chief executive officer, following months without a CEO. They later turned lower.

Peloton’s stock gained after it struck a deal with Lululemon to sell co-branded apparel.

The WSJ Dollar Index fell, putting the greenback on course to snap a seven-day streak of gains fueled by rising bond yields.

Nike is set to report earnings after the market closes. Its shares ticked lower, on track for a tenth straight retreat.

Federal Reserve Chair Jerome Powell is due to speak at a town hall at 4 p.m. ET.