Stock, oil and bond yields rise as economic data improves

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Stocks were largely unchanged on Tuesday as new data suggests a stronger global economic recovery, but includes signs that manufacturers are struggling to keep up with demand, which could increase inflationary pressures.

The S&P 500 and Nasdaq fell less than 0.1 percent.

Commodities and bond yields rose, although late in the day they were well below daily highs.

The yield on the 10-year Treasury bond was 1.61 percent, up two basis points but declining from 1.64 percent earlier in the day. US benchmark West Texas Intermediate crude added 2.1% to $ 67.72 a barrel as the Organization of the Petroleum Exporting Countries and related producers, including Russia, decided on Tuesday to continue to gradually increase production quotas.

AMC Entertainment, the world’s largest movie theater chain, jumped 23 percent. Earlier this year, the company’s stock was in a frenzy when small investors briefly pumped up so-called meme stocks. Volatility continued and AMC closed on Tuesday at prices unseen since late 2016.

Measures manufacturing activities both in the USA and in the eurozone it hit a record high in May, according to IHS Markit. In Europe annual inflation rate in the euro area rose to 2 percent in May, according to the first assessment by the statistical agency of the European Union, reaching the target of the European Central Bank for the first time since November 2018.

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