(Bloomberg) — Stocks dropped from a record amid mixed economic reports and growing concern that more shutdowns are becoming necessary to contain a fast-spreading pandemic.
The S&P 500 halted a five-day rally, led by retailers and technology shares. The dollar climbed. Chinese stocks listed in the U.S. faced another wave of selling as authorities in Beijing ramped up their crackdown on some of the nation’s largest companies. Alibaba Group Holding Ltd., Baidu Inc. and JD.com Inc. slumped at least 3.7%.
Read: Marshall Wace Warns That Chinese ADRs Have Become ‘Uninvestable’
American retail sales fell in July by more than forecast, reflecting a steady shift in spending toward services and indicating consumers may be growing more price conscious as inflation picks up. Meanwhile, production at U.S. factories strengthened by the most in four months, rebounding above pre-pandemic levels and indicating manufacturers are coping with snarled supply chains and shortages.
Investors are looking to next week’s Jackson Hole symposium for an update on Federal Reserve policy. Tuesday’s appearance by Chair Jerome Powell at a town hall for educators may be used as an opportunity to prime the market for what’s coming.
“We’re essentially in a bit of a holding period ahead of Jackson Hole,” wrote Craig Erlam, senior market analyst at Oanda Europe. “While there is a fair amount of data releases this week, some of which may carry a little more weight than others, it’s all about the Fed in these markets at the minute, and that’s unlikely to change unless the delta situation gets dramatically worse.”
Here are some events to watch this week:
Reserve Bank of New Zealand policy decision and briefing by Governor Adrian Orr WednesdayFOMC minutes released WednesdayBank Indonesia rate decision and Governor Perry Warjiyo briefing Thursday
For more market analysis read our MLIV blog.
Some of the main moves in markets:
Stocks
The S&P 500 fell 0.7% as of 10:09 a.m. New York timeThe Nasdaq 100 fell 1%The Dow Jones Industrial Average fell 0.7%The Stoxx Europe 600 was little changedThe MSCI World index fell 0.8%
Currencies
The Bloomberg Dollar Spot Index rose 0.4%The euro fell 0.4% to $1.1734The British pound fell 0.7% to $1.3758The Japanese yen fell 0.2% to 109.49 per dollar
Bonds
The yield on 10-year Treasuries was little changed at 1.26%Germany’s 10-year yield was little changed at -0.47%Britain’s 10-year yield was little changed at 0.57%
Commodities
West Texas Intermediate crude rose 0.4% to $67.56 a barrelGold futures were little changed
More stories like this are available on bloomberg.com
Subscribe now to stay ahead with the most trusted business news source.
©2021 Bloomberg L.P.
from WordPress https://ift.tt/2VTCA6B
via IFTTT
No comments:
Post a Comment