US stocks rise as 10-year yield slips from high

US stocks advanced as consumer shares got a boost from Macy’s results and Treasuries rebounded from Tuesday’s selloff. The euro fell amid political uncertainty in Italy.

The S&P 500 index pushed above its average price for the past 100 days, with Macy’sresults providing more insight into the strength of the American consumer. The 10-year note yield slipped from a seven-year hit after retail sales data bolstered bets the Federal Reserve may step up its tightening plans.

Europe’s common currency fell as Italy moved closer to a populist government and the German chancellor cautioned that the region’s central bank will eventually ease stimulus.

Emerging-market equities were slightly stronger following Tuesday’s plunge, but developing currencies turned lower. The Turkish lira reversed a drop after the central bank said it was monitoring markets and would take necessary steps.

In Asia, stocks nudged lower, with shares in Japan and Hong Kong declining while Australia’s main gauge eked out a gain and Korean stocks were little changed. The Malaysian ringgit fell for a sixth day.

Fresh uncertainty about the US-North Korea summit continued to weigh on investor sentiment at the same time the Trump administration sends mixed signals on the state of play on negotiations with China over trade amid IMF warnings on the threat protectionism poses to global growth. Now the European uncertainty adds to concern amid a flare up in Gaza.

Against that backdrop Treasury yields, which act as a benchmark for global borrowing costs, have been rising as traders boost bets the Federal Reserve will accelerate monetary tightening. That’s helped drive a dollar rally and sucked cash from some other asset classes.

Stocks

— The S&P 500 Index rose 0.3% at 9:53 AM (EST). It fell for the first time in five days on Tuesday. Macy’s jumped 6.1% and consumer staples producers paced gains in the equity benchmark. — The Stoxx Europe 600 Index advanced 0.3% to the highest in almost 15 weeks on the largest gain in a week. Germany’s DAX Index climbed 0.4% — The MSCI Emerging Market index gained 0.3%. The MSCI Asia Pacific index fell 0.1%. Currencies

— The Bloomberg Dollar Spot Index gained 0.2% to the highest in 20 weeks. The euro sank 0.6% to $1.177, the weakest in five months. — The British pound fell 0.3% to $1.346, the weakest in almost 20 weeks. — The Japanese yen increased 0.2% to 110.16 per dollar. The Turkish lira climbed 0.5% to 4.4247 per dollar. Bonds

The yield on 10-year Treasuries dipped one basis point to 3.06%. Germany’s 10-year yield dipped five basis points to 0.60%, the largest decrease in almost two weeks. Britain’s 10-year yield declined three basis points to 1.491%. Italy’s 10-year yield climbed 13 basis points to 2.08%, the highest in three months on the largest increase in almost 11 months.

Commodities

West Texas Intermediate crude declined 0.6% to $70.89 a barrel. Gold dipped 0.3% to $1,287.24 an ounce, the weakest in 20 weeks. Brent crude declined 0.7% to $77.85 a barrel, the biggest drop in more than a week.