
(Bloomberg) -- S&P 500 futures erased gains while stocks rose in Europe and Asia Wednesday before investors get more details on the unprecedented government rescue packages planned to counter the hit from the pandemic. Treasuries fluctuated.
Futures on the Nasdaq 100 index also reversed earlier increases, while contracts on the Dow Jones Industrial Average swung between gains and losses. The deal between the White House and Congress for a fiscal package of more than $2 trillion awaits approvals from both houses later Wednesday.
Equity markets also pared gains in Europe, where euro-region leaders are inching toward a fiscal package of their own. Stocks took a different tack in Asia, where a regional benchmark is posting the best one-day increase since 2008, on the heels of Wall Street’s historic surge Tuesday. WTI crude oil turned lower after failing to hold $25 a barrel. The dollar fell for a second day versus its biggest peers.
Investors were hoping for U.S. and global equity indexes to post their first back-to-back daily gains since just before the rout began a month ago, even as economies from Milan to Seattle begin to reel from the deepening pandemic. With the number of infections globally continuing to mount and Spain reporting more than 700 deaths in a single day, traders are reminded that the threat to the global economy is well alive.
Markets are shifting after the Dow Jones Industrial Average rose on Tuesday by more than 11% to clock its biggest advance since 1933, while the S&P 500 climbed the most in 12 years. Still, key gauges of U.S. manufacturing and services in March fell the most on record, showing the deep toll the outbreak has already taken.
U.S. President Donald Trump’s administration reached a deal with Senate Democrats and Republicans on a package to combat the fallout of the virus that Senate Majority Leader Mitch McConnell said will be passed later Wednesday.
“We still need to see a slowing of the virus cases and a peaking in the U.S.,” Carol Pepper, chief executive officer at Pepper International, told Bloomberg TV. “Because until then we’ll have these huge relief-rally days -- then we’ll get a scary day and the market will plunge down again.”
Spot gold drifted lower after a squeeze of historic proportions pushed its prices to the biggest one-day gain since November 2008 on Tuesday. The closure of refineries and demand for physical gold had caused a disconnect between prices in London and New York.
These are the main moves in markets:
Stocks
Futures on the S&P 500 Index decreased 0.8% as of 8:40 a.m. New York time.The Stoxx Europe 600 Index gained 0.4%.The MSCI Asia Pacific Index rose 5.6%.
Currencies
The Bloomberg Dollar Spot Index declined 0.6%.The euro climbed 0.2% to $1.0809.The British pound gained 0.9% to $1.1865.The Japanese yen increased 0.2% to 111.43 per dollar.
Bonds
The yield on 10-year Treasuries was little changed at 0.85%.Germany’s 10-year yield climbed three basis points to -0.3%.Britain’s 10-year yield dipped one basis points to 0.47%.
Commodities
Gold declined 1.5% to $1,607 an ounce.West Texas Intermediate crude decreased 1.4% to $23.61 a barrel
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https://finance.yahoo.com/news/stock-rally-build-asia-wall-213909712.html
2020-03-25 12:44:00Z
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