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Investment Daily: US stocks ended a choppy session higher

22 May 2026

Key takeaways

  • US stocks rose; Treasury yield curve flattened.
  • European stocks and government bonds were mixed.
  • Asian stocks lacked clear direction.

Markets

US stocks ended a choppy session higher on Thursday, as geopolitical headlines drove rates and oil price volatility. The S&P 500 closed 0.2% higher.

US Treasury yield curve flattened slightly. 10-year yields fell 2bp to 4.57% while 2-year yields rose 2bp to 4.08%.

European stocks edged lower on Thursday. The Euro Stoxx 50 fell 0.3%. The German DAX lost 0.5% while the French CAC was down 0.4%. In the UK, the FTSE 100 gained 0.1%.

European government bonds traded mixed. 10-year German bund yields ended flat at 3.10% while 10-year French bond yields edged up 1bp to 3.73%. In the UK, 10-year gilt yields slipped 2bp to 4.97%.

Asian stock markets traded mixed on Thursday. Gains in semiconductor shares lifted some markets, with Japan’s Nikkei 225 and Korea’s Kospi rallying 3.1% and 8.4%, respectively. Easing geopolitical worries also provided some support. Hong Kong’s Hang Seng closed 1.0% lower, while China’s Shanghai Composite lost 2.0%. India’s Sensex was down 0.2%.

Crude oil prices fell on Thursday. WTI crude for July delivery settled 1.9% lower at USD96.4 a barrel.

Key Data Releases and Events

Releases yesterday

Eurozone composite PMI fell to 47.5 in May from 48.8 in April, amid weaker business sentiment in both manufacturing and services sectors. The data reinforced stagflation concerns.

In the UK, the composite PMI dropped to 48.5 in May from 52.6 in April, led by renewed weakness in the services sector.

Releases due today (22 May 2026)

Japan’s CPI inflation eased in April as government measures to ease costs of living, including energy subsidies, helped offset the impact from high global energy prices and a weaker yen.

In Germany, the IFO business confidence is expected to nudge lower to 84.2 in May from 84.4 in April, having already reached its lowest level since 2020, and may decline further given still-high uncertainty and oil prices.

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