2021-09-18 12:16:47
Our trading team last week market summary U.S. stocks traded near the lows of the day, and Treasury yields rose as investors weighed the impact of mixed economic data on the Federal Reserve’s plans to taper stimulus. The dollar strengthened, and crude oil gave back a portion of this week’s gains.
The materials and consumer staples sectors led the S&P 500 lower. The broad market index index is down about 1% so far this month after a string of record gains amid concern about a broader pullback. Google parent Alphabet and Amazon.com weighed on the tech-heavy Nasdaq 100, which has declined in six of the last seven trading sessions. Fed policymakers meet next week.
Retail sales unexpectedly increased in August, suggesting that demand for goods remains strong. A separate report showed weekly jobless claims rose.
Meanwhile, casino stocks with operations in Macau extended drops amid the government’s tightening grip on the gambling hub. Travel and leisure companies led gains in Europe’s Stoxx 600 Index as Ryanair Holdings Plc lifted its growth target.
Investors continue to assess the outlook for economic reopening amid the delta virus strain outbreak and rising costs fueled by higher commodity prices and pandemic-related supply bottlenecks. The United Nations said the global economy is expected to undergo its fastest recovery in almost five decades this year but warned about deepening inequality between advanced and developing nations.
Shares fell in Asia, where the debt crisis at China Evergrande Group and Beijing’s latest push to rein in private industries hurt sentiment. Technology stocks slid as China slowed approvals for video games to enforce stricter criteria for content.
Most major cryptocurrencies are trading in the green, with Ethereum up more than 5%. The total global cryptocurrency market capitalization has risen 2.50% in the past 24 hours to $2.18 trillion.
Stocks• The S&P 500 fell 0.6% as of 11:14 a.m. New York time
• The Nasdaq 100 fell 0.7%
• The Dow Jones Industrial Average fell 0.6%
• The Stoxx Europe 600 rose 0.6%
• The MSCI World index fell 0.5%
Currencies• The Bloomberg Dollar Spot Index rose 0.5%
• The euro fell 0.5% to $1.1762
• The British pound fell 0.5% to $1.3768
• The Japanese yen fell 0.2% to 109.64 per dollar
Bonds• The yield on 10-year Treasuries advanced three basis points to 1.32%
• Germany’s 10-year yield was little changed at -0.31%
• Britain’s 10-year yield advanced three basis points to 0.81%
Commodities• West Texas Intermediate crude fell 0.9% to $71.93 a barrel
• Gold futures fell 2.1% to $1,757.20 an ounce
Cryptocurrency• Bitcoin BTC $48,000
• Ethereum ETH $3,600
• Cardano ADA $2.46
• Ripple XRP $1.10
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