NANJING, CHINA - JUNE 12: An employee transports express parcels at a warehouse in Nanjing, China. Photographer: Xue Jinlong/Visual China Group/Getty Images “We remain positive on equities,” said John Stoltzfus at Oppenheimer Asset Management. “The broad rotation which began in the rally from last year’s S&P 500 low has deflected volatility repeatedly evidenced on a day-to-day basis since the lows in early August. Pullbacks experienced thus far this year have mostly looked like “trims” and “haircuts” for the S&P 500.”
The S&P 500 fell 0.3%. The Nasdaq 100 fell 0.9%. The Dow Jones Industrial Average rose 0.3%. The Bloomberg “Magnificent Seven” gauge of megacaps fell 1.2%. The Russell 2000 of small firms was little changed.
Treasury 10-year yields declined two basis points to 3.63%. The dollar hit the lowest since January.
Corporate Highlights:
- Intel Corp. has officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the Pentagon, according to people familiar with the matter, after the chipmaker reached a binding agreement with US officials.
- Colgate-Palmolive Co. was downgraded at Wells Fargo to underweight from equal-weight.
- Bausch + Lomb Corp. climbed after a report that the eye-care company is considering selling itself to disentangle from its debt-laden parent company.
- Deutsche Bank AG is exploring options to make it harder for UniCredit SpA to buy Commerzbank AG as it considers how — or whether — to react to a potential deal that would create a huge competitor in its home market, people with knowledge of the matter said.
Key events this week:
- Germany ZEW, Tuesday
- US business inventories, industrial production, retail sales, Tuesday
- Eurozone CPI, Wednesday
- Fed rate decision, Wednesday
- UK rate decision, Thursday
- US US Conf. Board leading index, initial jobless claims, US existing home sales, Thursday
- FedEx earnings, Thursday
- Japan rate decision, Friday
- Eurozone consumer confidence, Friday
Some of the main moves in markets:
Stocks
- The S&P 500 fell 0.3% as of 11:02 a.m. New York time
- The Nasdaq 100 fell 0.9%
- The Dow Jones Industrial Average rose 0.3%
- The Stoxx Europe 600 fell 0.1%
- The MSCI World Index fell 0.1%
- Bloomberg Magnificent 7 Total Return Index fell 1.2%
- The Russell 2000 Index was little changed
Currencies
- The Bloomberg Dollar Spot Index fell 0.3%
- The euro rose 0.4% to $1.1124
- The British pound rose 0.6% to $1.3198
- The Japanese yen rose 0.3% to 140.41 per dollar
Cryptocurrencies
- Bitcoin fell 3.7% to $57,607.6
- Ether fell 3.6% to $2,277.61
Bonds
- The yield on 10-year Treasuries declined two basis points to 3.63%
- Germany’s 10-year yield declined three basis points to 2.12%
- Britain’s 10-year yield was little changed at 3.76%
Commodities
- West Texas Intermediate crude rose 2.1% to $70.10 a barrel
- Spot gold was little changed