Beat the street: ConocoPhillips to buy Marathon Oil; Anglo says no to BHP extension request; American Airlines
M&A mania. ConocoPhillips is set to buy Marathon Oil. Anglo American says no to BHP's request for a takeover bid time extension. American Airlines cuts its Q2 profit forecast. US megacap stocks weighed by rising Treasury yields.
(AI Video Summary)
Shaky start for US stocks
On today's edition of "Beat the street," Angeline Ong discusses the current financial landscape, highlighting rising Treasury yields impacting US stock markets and specific stocks like American Airlines, which has lowered its Q2 profit forecast. The US economy shows strength with robust earnings, although S&P 500 valuation seems extended.
Upcoming PCE data
The focus shifts to the upcoming Personal Consumption Expenditures (PCE) data, influencing rate cut expectations, now postponed possibly to November. Market sentiment is cautious, reflected in higher volatility rates and potential pressure on the S&P 500 index, as yields rise amidst ongoing earnings reports and global economic data.
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