US Equities Mixed; Treasuries Rise, Dollar Falls: Markets Wrap - Yahoo Finance

U.S. Equities Mixed; Treasuries Rise, Dollar Falls: Markets Wrap

(Bloomberg) -- U.S. stocks fluctuated near records as investors weighed expectations for easier monetary policy against concerns about a slowing global economy. Treasuries gained, while the dollar fell.

The S&P 500 was mixed, hovering just under all-time highs reached during last week’s rally that was fueled by the prospect of rate cuts. Tech shares led gains, while health-care paced falling stocks. Bristol-Meyers Squibb Co. tumbled after the company said it will strip out a top drug from its merger with Celgene Corp. to get regulator approval. European shares fell, dragged lower by carmakers as Daimler AG cut its profit forecast for the third time in a year.

Investors in risk assets have continued to shrug off signs of an economic slowdown and focus on the increasingly dovish tone at central banks around the world. That attention will intensify Tuesday when Fed Chair Jerome Powell discusses monetary policy. But sentiment could be at a crossroads as the conflict between the America and Iran has ramped up, and the meeting between China’s President Xi Jinping and Donald Trump this week at the Group of 20 conference in Japan presents a pivot point for trade relations between the two countries.

The 10-year Treasury yield dropped to 2.02%, while West Texas crude turned lower to trade around $57 a barrel. The euro touched a three-month high against the dollar even as data showed that a slump in German business confidence deepened in June.

It’s “a pretty good guess that we won’t see a whole lot of movement in front of the big upcoming meetings (G20 and OPEC),” wrote Matt Maley, equity strategist at Miller Tabak & Co. “Given the meeting between President Trump & President Xi at the one and the impact the situation with Iran could/should have on the other, the results of those meetings should be quite important to the stock market’s next move.”

Elsewhere, the Australian dollar rose after Reserve Bank of Australia Governor Philip Lowe said there are limits to what monetary easing can achieve. Gold extended its advance above $1,400 an ounce, while Bitcoin surged toward 11,000.

Here are some key events coming up:

Fed Chairman Jerome Powell speaks at the Council on Foreign Relations in New York Tuesday. He’ll discuss the challenges facing the U.S. economy.MSCI Inc. announces results of its 2019 Market Classification Review on Tuesday, including whether Kuwait gets upgraded from frontier to emerging-market status.The Group of 20 summit is in Osaka, Japan on Friday and Saturday.

These are the main moves in markets:

Stocks

The S&P 500 Index rose 0.1% as of 11:48 a.m. New York time.The Stoxx Europe 600 Index decreased 0.3% to the lowest in a week.The MSCI Emerging Market Index advanced less than 0.05%.

Currencies

The Bloomberg Dollar Spot Index dropped 0.1%. The euro rose 0.2% to $1.1388, the strongest in almost 14 weeks.The British pound was little changed at $1.2736.The Japanese yen was little changed at 107.31 per dollar.

Bonds

The yield on 10-year Treasuries dipped four basis points to 2.01%.Germany’s 10-year yield declined two basis points to -0.31%.Japan’s 10-year yield advanced less than one basis point to -0.154%.

Commodities

West Texas Intermediate crude fell 0.6% to $57.16 a barrel.Gold climbed 0.8% to $1,411.90 an ounce, reaching the highest in almost six years.

--With assistance from Anchalee Worrachate and Yakob Peterseil.

To contact the reporters on this story: Randall Jensen in New York at rjensen18@bloomberg.net;Sarah Ponczek in New York at sponczek2@bloomberg.net

To contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Jeremy Herron

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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2019-06-24 15:53:00Z
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