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Shares falls as Nasdaq tumbles, dollar edges higher By Reuters

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Shares falls as Nasdaq tumbles, dollar edges higher By Reuters


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© Reuters. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo

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By Herbert Lash and Marc Jones

NEW YORK/LONDON (Reuters) – World equity indexes slid and U.S. Treasury yields fell on Tuesday as low trading volume, a lull in economic news and lack of a catalyst to lift stocks higher sparked a sell-off by investors worried further upside in markets is limited.

The tech-rich Nasdaq fell 2.3%, marking its biggest single-day decline in six weeks, while the yield on the 10-year Treasury note fell to a low of 1.557%, a slide that normally would push technology shares higher.

A recent surge in commodity prices bucked the downward shift in equity markets and helped spur talk of an inflation spike.

The Refinitiv/CoreCommodity CRB Index traded near three-year highs as commodities rallied on investor bets demand will grow as economies reopen.

Investors sold the high-flying tech-related stocks that have doubled the value of the Nasdaq since March 2020 lows, and bought government debt, pushing yields lower.

Apple Inc (NASDAQ:), Amazon.com Inc (NASDAQ:) and Microsoft Corp (NASDAQ:) led the decline on Nasdaq and the .

“There’s not a lot of conviction among traders of which way markets should go from here,” said Patrick Leary, chief market strategist and senior trader at Incapital. “We’ve priced in a great amount of reopening optimism.”

MSCI’s benchmark for global equity markets fell 1.06% to 695.88.

On Wall Street, the fell 0.26%, the S&P 500 lost 1.03% and the dropped 2.27%.

Economically sensitive value stocks fell 0.2%, outperforming a 2% slide in growth stocks. After today’s slide, the Russell 1000 Value Total Return Index has almost quadrupled the performance of the Russell 1000 Growth Total Return Index so far this year

European tech stocks plunged 3.8% in their worst day since late-October. Germany’s bourse shed 2.5%, the most in Europe, due to its high composition of tech stocks.

Chipmaker Infineon (OTC:) fell 5.9%, among the top drags on the German index, after the company said it expected supply constraints in the automotive sector to only ease in the second half, with lost volumes likely to be made up in 2022.

In currency markets, the dollar clawed back some ground to partially unwind last month’s long decline as investors squared up positions ahead of monthly payrolls data due at the end of the week. [FRX/]

The rose 0.337%, with the euro down 0.42% to $1.201. The Japanese yen weakened 0.22% versus the greenback at 109.31 per dollar.

Signs that the world’s major central banks remain in no rush to reel in their massive stimulus programs kept 10-year U.S. Treasury yields under 1.65% and Germany’s Bund yields below 13-month highs. [GVD/EUR]

Australia’s central bank left its key interest rates at near zero overnight for a fifth straight meeting and pledged to keep its policies super-supportive for a prolonged period.

Australia’s S&P/ASX200 had risen 0.6% and Hong Kong had climbed 0.7% in thin Asian trading due to holidays in both China and Japan.

Graphic: Sterling’s referendum rollercoaster rides – https://fingfx.thomsonreuters.com/gfx/mkt/ygdpzllobpw/Pasted%20image%201619617157323.png

Cryptocurrency ether powered to another record peak, nearing $3,500, before paring gains to trade 5.4% lower.

Palladium prices soared to all-time highs, fueled by concerns about short supplies of the auto-catalyst metal as demand gradually improves.

Oil prices rose after more U.S. states eased pandemic-related lockdowns and the European Union sought to attract travelers, though soaring COVID-19 cases in India capped gains.

futures settled up $1.32 at $68.88 a barrel, while futures rose $1.20 to settle at $65.69 a barrel.

Gld fell 1% after U.S. Treasury Secretary Janet Yellen said interest rates may need to rise.

U.S. settled down 0.9% at $1,776 an ounce.

Graphic: India suffering world’s worst COVID wave – https://fingfx.thomsonreuters.com/gfx/mkt/ygdpzormmvw/Pasted%20image%201620131264160.png





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Liz Cheney will run again despite ouster from Republican leadership – source By Reuters

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Liz Cheney will run again despite ouster from Republican leadership – source By Reuters



© Reuters. U.S. Representative Liz Cheney (R-WY) arrives on Capitol Hill in Washington, U.S., May 12, 2021. REUTERS/Evelyn Hockstein

(Reuters) – U.S. Representative Liz Cheney will seek re-election in 2022 despite being ousted from the Republican leadership in the House of Representatives on Wednesday, a source said.

The House Republican caucus voted to remove Cheney from their No. 3 leadership spot after she persistently criticized former President Donald Trump’s false claims that the 2020 election was stolen from him through election fraud.

“We must go forward based on truth. We cannot both embrace the big lie and embrace the Constitution,” Cheney said after the House Republicans’ vote.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Panicked drivers in Southeast U.S. swarm pumps, ignore pleas to stop hoarding By Reuters

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Panicked drivers in Southeast U.S. swarm pumps, ignore pleas to stop hoarding By Reuters



© Reuters. People fill up their gas tanks at a Wawa gas station, after a cyberattack crippled the biggest fuel pipeline in the country, run by Colonial Pipeline, in Tampa, Florida, U.S., May 12, 2021. REUTERS/Octavio Jones

By Rich McKay

ATLANTA (Reuters) – Drivers in the U.S. Southeast formed lines on Wednesday to fill up tanks from the dwindling number of retail gas stations with fuel to sell, disregarding government pleas for people not to hoard supplies as the shutdown of the main regional fuel pipeline entered its sixth day.

“If I don’t have gas, I don’t work,” said Ronald Ross, 47, a DoorDash driver in Atlanta, as he fueled up his Chevy sedan.

Asked about government requests to avoid hoarding, he said: “Forget that. It’s first come first serve. People have to look out for themselves. As long as they’re peaceful and all.”

Nearly 60% of gas stations in metro Atlanta were without gasoline on Wednesday, along with more than 70% of stations in metro Charlotte and Raleigh, North Carolina, and Pensacola, Florida tracking firm GasBuddy said.

The U.S. Southeast and Mid-Atlantic rely heavily on the Colonial Pipeline, which was shut by a ransomware hack on Friday and is expected to remain down for several more days.

The average national gasoline price, meanwhile, rose to above $3.00 a gallon on Wednesday, the highest since October 2014, the American Automobile Association said.

The administration of U.S. President Joe Biden on Tuesday called on Americans not to hoard fuel during the pipeline outage, saying panic buying would only intensify supply outages at service stations struggling to get new deliveries. It also warned Americans to not fill plastic bags with gasoline, after a Twitter post overnight showed someone doing that.

Georgia Governor Brian Kemp temporarily suspended gas taxes in the state to ease the impact of the price hikes on consumers, and also asked citizens not to “panic buy.”

James Jones, 48, a contractor in Atlanta, did not heed that call. He drove for miles looking for a retail station that was still operating Wednesday morning so he could load up two red five-gallon jerry cans for future use.

“I just went to five stations, finally I found one that still had gas,” Jones said.

He had filled up his Chevy truck with gasoline Tuesday night, but got nervous and decided to get more. “Who knows when this will end, so I thought I’d better get mine,” Jones said. “I need to keep my truck running.”

A clerk at a Valero gas station in metro Atlanta said he had to shut down all 12 pumps Wednesday morning because there was no fuel left following a rush of buying.

The clerk, who declined to give his name because he was not authorized to talk to the media, said he does not know when they will get more gas.

“I can’t get anyone on the phone,” he said. “Our supplier doesn’t even pick up anymore.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Jaguar Land Rover’s fourth quarter is “good news” -CEO By Reuters

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Jaguar Land Rover’s fourth quarter is “good news” -CEO By Reuters



© Reuters. FILE PHOTO: A Land Rover badge is seen on a four wheel drive vehicle in central London, Britain, January 10, 2019. REUTERS/Toby Melville

LONDON (Reuters) – British carmaker Jaguar Land Rover had a good fourth quarter, the firm’s Chief Executive Thierry Bollore said on Wednesday ahead of results next week.

“You don’t know what is quarter four but I can tell you that it’s going to be good news again,” he said at an online FT conference.

“You will see, that despite COVID, the performance of the company has been incredible in the second part of the year.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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