Stocks Mixed in Busy Week for Earnings, Fedspeak: Markets Wrap - Yahoo Finance

(Bloomberg) -- U.S. stocks were mixed at the start of a busy week for corporate earnings, economic data and Federal Reserve speakers. Treasuries climbed while the dollar was little changed.

The S&P 500 Index fluctuated near 3,000 as Citigroup Inc. slid after posting worse-than-estimated trading revenue, while Broadcom Inc. rallied on a news report that talks for the company to acquire Symantec Corp. fell apart. Steelmakers jumped after Donald Trump’s trade aide Peter Navarro said the president will sign an executive order boosting the use of the material in federal government contracts. Bitcoin sank briefly below $10,000.

After the first giant U.S. bank kicked off the earnings season, other heavyweights including JPMorgan Chase & Co., Wells Fargo & Co. and Goldman Sachs Group Inc. get ready to report their results on Tuesday. Also this week, investors will be sifting through speeches by Federal Reserve officials after Chairman Jerome Powell signaled he stands ready to cut interest rates to bolster growth and lackluster inflation.

Investors also assessed data showing that China’s economy slowed to the weakest pace since quarterly data began in 1992 amid the ongoing trade standoff with the U.S., while monthly indicators provided signs that a stabilization is emerging.

Bitcoin slumped, following another weekend sell-off that saw some digital tokens plunge by more than 20%. The tumble comes days after Trump criticized digital coins on the heels of this year’s stellar rally.

Here are some key events coming up:

JPMorgan Chase & Co., Bank of America Corp., Goldman Sachs Group Inc. and Taiwan Semiconductor are among companies due to report results this week.U.S. June retail sales, due Tuesday, are expected to rise from the prior month.Monetary policy decisions are due in Indonesia, South Korea and South Africa on Thursday.

These are the main moves in markets:

Stocks

The S&P 500 dropped less than 0.1% to 3,012 as of 9:59 a.m. New York time.The Stoxx Europe 600 Index gained 0.3%.The MSCI Asia Pacific Index increased 0.3%.

Currencies

The Bloomberg Dollar Spot Index gained less than 0.05%.The euro decreased less than 0.05%.The Japanese yen was unchanged at 107.91 per dollar.

Bonds

The yield on 10-year Treasuries declined two basis points to 2.10%.Germany’s 10-year yield sank four basis points to -0.25%.Britain’s 10-year yield decreased four basis points to 0.794%.

Commodities

The Bloomberg Commodity Index dipped 0.1%.West Texas Intermediate crude increased 0.7% to $60.66 a barrel.Gold rose 0.1% to $1,413.70 an ounce.

(An earlier version corrected the name of Europe’s benchmark equity index.)

--With assistance from Adam Haigh, Joanna Ossinger, Samuel Potter and Todd White.

To contact the reporters on this story: Rita Nazareth in New York at rnazareth@bloomberg.net;Laura Curtis in London at lcurtis7@bloomberg.net

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Rita Nazareth

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

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https://finance.yahoo.com/news/asia-stocks-dip-china-growth-213410091.html

2019-07-15 14:00:00Z
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