Markets were mixed on Tuesday.
The S&P 500 fell 0.1 percent but the STOXX Europe 600 rose 0.2 percent and the Nikkei 225 jumped 1.8 percent.
The yield on the US 10-year Treasury note rose 6.5 basis points to 1.853 percent.
Economic data on Tuesday were mixed.
The Institute of Supply Management’s US service sector activity index rose to 54.7 in October from 52.6 in September but IHS Markit’s US service sector purchasing managers index fell to 50.6 from 50.9.
The Caixin/Markit China services purchasing managers’ index for October came in at 51.1, the lowest in eight months.
“The stabilization of the fundamentals, both economic and corporate, should provide a cushion to any volatility,” said Brad McMillan, chief investment officer at Commonwealth Financial Network. “Overall, the prospect for November is less worrisome than where we started October.”
Less sanguine is Lori Calvasina, RBC Capital Markets’ head of US equity strategy.
“The new thought we offer this week is that we haven’t learned anything in the current reporting season that justifies euphoric positioning and peak valuations,” Calvasina wrote in a note.
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