Bond prices surge, yields fall as economic data signals cooling inflation
Bond prices rallied with stocks, sending yields down, after two key economic reports signaled inflation my be cooling off as the Fed raises interest rates.
The yield on the benchmark 10-year Treasury was down by 16.2 basis points at 3.56%. The 2-year Treasury yield fell 18.9 basis points to 4.264%. The yield on the 30-year Treasury was down 11.8 basis points at 3.68%.
Yields and prices move in opposite directions. One basis point equals 0.01%.
—Carmen Reinicke
Stocks making the biggest moves midday
Check out the companies making headlines in midday trading.
- World Wrestling Entertainment — The wrestling entertainment stock surged 21% after WWE announced that founder Vince McMahon is returning to its board of directors and that the company is exploring strategic moves. McMahon stepped down as CEO last year after an investigation into sexual misconduct, but has remained majority shareholder. The Wall Street Journal reported that McMahon is returning to pursue a potential sale of the business.
- R1 RCM — Shares of the healthcare technology firm soared more than 11% after the company raised its revenue outlook for 2023. The company also reaffirmed its projection for full-year 2022.
- Costco Wholesale — Shares of the big-box retailer jumped more than 6% after it reported solid sales numbers for December. Costco posted net sales of $23.8 billion in December 2022, marking an increase of 7%…
