US Yields Rise as Solid Data Keeps Lid on Fed Bets: Markets Wrap

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Treasury yields edged higher after solid economic data spurred bets the Federal Reserve will be in no rush to cut interest rates. Initial applications for US unemployment benefits remained subdued last week, consistent with a healthy job market. Separately, the Philadelphia Fed gauge of manufacturing activity topped estimates. Micron Technology Inc. is poised to get $6.1 billion in grants from the Commerce Department to help pay for domestic factory projects. Taiwan Semiconductor Manufacturing Co. delivered a better-than-projected revenue outlook and stuck with plans to spend as much as $32 billion in 2024. Infosys Ltd. forecast tepid sales growth for the year. D.R. Horton Inc. increased sales expectations for its full fiscal year. Alaska Air Group Inc. expects second-quarter profits will top analyst estimates. Las Vegas Sands Corp. said renovations at an entertainment center and a hotel in Macau will crimp results this year. EBay Inc.’s embrace of artificial intelligence has turned the stock’s most bearish analyst into its biggest fan. Blackstone Inc. collected more fees from big retail funds and credit strategies during the first quarter. Ally Financial Inc.’s profit fell short of estimates. Elevance Health Inc. raised its outlook for the year on first-quarter results that offered some relief to investors after a cyberattack against a rival roiled the health-insurance sector.

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