Stocks climbed on optimism Mexican tariffs will be avoided, while Treasury yields fell as data bolstered rate-cut wagers. Oil entered a bear market after U.S. supplies jumped the most in almost 30 years. The S&P 500 Index rose a second day as President Donald Trump said Mexico wants to make a deal and White House trade adviser Peter Navarro told CNN the nation still has time to prevent the tariffs from taking effect. Treasuries rose as weak private-jobs data outweighed solid service-industries figures. Trump’s tariff threat has led several analysts to forecast increased risk of a recession in the world’s largest economy, putting pressure on the Federal Reserve to cut rates. The steepening U.S. yield curve shows bond traders betting the case for Fed easing is only strengthening, even as top policy makers signal they’re not yet ready to act.
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