(Bloomberg) — Stocks were mixed and U.S. futures fluctuated Wednesday as investors weighed swings in China’s market and earnings from U.S. tech majors. Treasuries held a climb ahead of the Federal Reserve’s policy decision.
In Europe, gains in tech shares offset a slide in miners. U.S. contracts fluctuated after the Nasdaq 100’s worst drop since May. Apple Inc. fell in extended trading on concern over slower growth, while Alphabet Inc. rose on strong sales.
The MSCI Asia-Pacific Index fell to its lowest this year, with Chinese shares swinging between gains and losses amid the state media’s efforts to reassure investors about the crackdown. The Hang Seng Index reversed losses after being on the verge of a bear market.
Investors are growing increasingly jittery with equities near records, with this week’s China selloff adding to worries about the economic threat from the rising delta virus variant and the potential for central banks to start tightening policy to combat inflation. Treasuries held their gains ahead of the Fed’s rate decision later today, at which officials are expected to discuss how and when to taper stimulus.
“There are a lot of things going on in the Chinese markets which keeps us neutral,” Nupur Gupta, a portfolio manager at Eastspring Investments, said on Bloomberg Television. “Not just in regard to the tech regulation but also macro policy has been tightening over the last few months as China was the first in, first out from the pandemic and the effect of that has been seen on economic data.”
Elsewhere, Australian shares fell after Sydney’s lockdown was extended. West Texas Intermediate crude oil was trading above $72 a barrel and Bitcoin again climbed above $40,000, continuing a recent recovery.
For more market analysis read our MLIV blog.
Here are some key events to watch this week:
Facebook, Amazon report earnings this weekFederal Reserve policy meeting concludes WednesdayU.S. GDP data are due Thursday
Here are the main moves in the markets:
Stocks
The Stoxx Europe 600 was little changed as of 8:15 a.m. London timeFutures on the S&P 500 fell 0.1%Futures on the Nasdaq 100 fell 0.1%Futures on the Dow Jones Industrial Average fell 0.2%The MSCI Asia Pacific Index fell 0.3%The MSCI Emerging Markets Index rose 0.2%
Currencies
The Bloomberg Dollar Spot Index was little changedThe euro was little changed at $1.1809The Japanese yen was little changed at 109.82 per dollarThe offshore yuan rose 0.2% to 6.5117 per dollarThe British pound was little changed at $1.3891
Bonds
The yield on 10-year Treasuries was little changed at 1.23%Germany’s 10-year yield declined one basis point to -0.45%Britain’s 10-year yield declined one basis point to 0.55%
Commodities
Brent crude rose 0.5% to $74.84 a barrelSpot gold rose 0.4% to $1,805.62 an ounce
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