U.S. Stocks Open Lower as ECB Outlook Pushes Bond Yields Higher By Investing.com


© Reuters.

By Liz Moyer

Investing.com — U.S. stocks opened mostly lower after the European Central Bank signaled it’s plan to raise rates in July sent bond yields higher.

At 9:55 AM ET, the was up 14 points, or 0.04% while the was down 0.06% and the was down 0.1%.

The ECB said it would raise its rate by a quarter of a percentage point in July and would again raise it in September as it joins other central banks in trying to tackle inflation by raising borrowing costs. The rose above 3%. The ECB’s move comes a couple of days before the latest reading on U.S. inflation in the form of the consumer price index for May. Analysts expect the annual increase to be 8.3%, about the same as the rate in April.

Then, of course, the Federal Reserve meets next week to make the next step in its rate-increasing plan.

Shares ofZendesk Inc (NYSE:) fell 11% on Thursday after the customer service software maker said it concluded a strategic review without finding any “actionable” potential buyout offers and would remain independent.

Tesla Inc (NASDAQ:) shares rose nearly 3% after UBS called it a buy, upgrading it from neutral.

Five Below Inc (NASDAQ:) shares fell 4% after the discount retailer said first quarter profit fell because of rising costs.

Oil dipped lower. fell 0.3%, to $121.70 a barrel, while was flat at just above $123 a barrel. fell 0.3% to $1,850 an ounce.

 

 

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