By STAN CHOE, Associated Press Business Writer
NEW YORK (AP) — The U.S. stock market is holding stronger on Tuesday as both bond yields and bitcoin stabilize.
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The S&P 500 rose 0.3%, coming off its first loss in six days. The Dow Jones Industrial Average was up 37 points, or 0.1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.6% higher.
MongoDB helped lead the market and jumped 24.6% after the database company headquartered in New York delivered stronger results for the latest quarter than analysts expected. United Natural Foods of Providence, Rhode Island, also climbed after reporting a stronger profit than expected, and it rose 8.4%.
They helped offset a 5.6% drop for Signet Jewelers, which gave a forecast for revenue in the holiday shopping season that fell short of analysts’ expectations. The jeweler said it’s expecting “a measured consumer environment.”
The U.S. economy has been holding up overall, but that’s masking sharp divisions underneath the surface. Lower-income households are struggling with inflation that’s still higher than anyone would like. Richer households, meanwhile, are benefiting from a stock market that’s near its all-time high set in late October.
In the bond market, Treasury yields were mixed following jumps the day before. The 10-year yield edged up to 4.10% from 4.09% late Monday, but the two-year yield eased to 3.52% from 3.54%.
Higher yields can drag prices lower for all kinds of investments, and those seen as the most expensive can take the biggest hit.
Bitcoin, which tumbled below $85,000 on Monday, rose back toward $89,000.
Monday’s climb in yields came after the Bank of Japan hinted that it may raise interest rates there soon. But hopes are still high that the Federal Reserve will cut its main interest rate when it meets in Washington next week.
What comes after that for the Fed, though, is uncertain. The Fed has already cut its overnight interest rate twice this year in hopes of shoring up a slowing job market. But lower rates can also fan inflation higher, and inflation has stubbornly remained above the Fed’s 2% target.
In stock markets abroad, indexes moved modestly across much of Europe and Asia.
South Korea’s Kospi was an outlier and jumped 1.9% for one of the world’s bigger moves. Tech stocks helped lead the way, including rises of 2.6% for Samsung Electronics and 3.7% for chip company SK Hynix.
AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
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