Traders pared back their expectations for an interest-rate cut in December and policy-sensitive US yields jumped after Federal Reserve Chair Jerome Powell said economic resilience gives officials room to ease more carefully. The yield on two-year Treasuries rose as much as eight basis points to 4.36% on Thursday as Powell spoke from prepared remarks in Dallas.
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Tapestry Inc (NYSE:TPR) stock was last seen up 12.8% to trade at $57.81, leading the S&P 500 Index (SPX) today. The retail stock, which is behind luxury brands Coach, Kate Spade, as well as Stuart Weitzman, is enjoying the Federal Trade Commission's (FTC) blockage of rival Capri Holding's (CPRI) $8.5 billion merger deal. TPR now boasts an 86.7% year-over-year lead.
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Disney's stock rose 8% Thursday after upbeat earnings and a rare three-year guidance update. The company beat estimates for revenue and earnings-per-share. The company said it sees single-digit EPS growth next year and double-digit growth in 2026 and 2027. Disney stock shot up 8% on Thursday after the entertainment giant reported earnings.
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