Stocks fall after bad data from automakers - market wrap

Stocks fell Monday after auto manufacturers reported worse than expected U.S. sales for March. The S&P 500 Index was down 0.62 percent 2,351.01 at 11:57 a.m. in New York, while the Dow Jones Industrial Average fell 0.51 percent to 20,576.04. Auto retailers, auto manufacturers and auto parts and equipment makers were the worst performing industry groups in the S&P 500. Ford Motor Co. dropped 2.94 percent, General Motors Co. declined 4.27 percent and Fiat Chrysler Automobiles NV lost 5.67 percent.

South Africa’s rand slumped for a sixth day after Standard & Poor’s cut the country’s currency rating to junk.

As the second quarter gets going, political developments threaten to cloud the improving global economic outlook. This week, the Federal Reserve is scheduled to release the minutes of its previous meeting this week and the non-farm payrolls report is due. Earlier Monday, the Institute for Supply Management released data showing that factories continued to expand production at a robust pace in March.

Here are the main moves in markets

Stocks
- The Nasdaq 100 Index fell 0.42 percent and the Russell 2000 Index was down 1.38 percent.
- The Stoxx Europe 600 dropped 0.49 percent, after increasing 5.5 percent for the first three months of the year, the best quarter in two years.
- The MSCI All Country World Index was down roughly 0.5 percent.

Currencies
- The Bloomberg Dollar Spot Index was up 0.14 percent.
- Britain’s pound fell 0.54 percent to $1.2482 after the worse- than-expected manufacturing data, and the euro advanced 0.03 percent to $1.0654.
- The ruble retreated 0.1 percent to 54.32 versus the dollar.
About 10 people were killed and 20 injured in the subway blast, according to the Interfax news agency.

Bonds
- Yields on 10-year Treasuries were down 5 basis points to 2.335 percent.
- U.K. notes fell 4 basis points.
- German Bunds were down 3 basis points.

Commodities
- WTI crude was fell 0.73 percent at $50.24 a barrel. Crude stockpiles are starting to decline in a sign that the production cuts implemented this year are bringing the market to balance, according to OPEC’s Secretary-General Mohammad Barkindo.
- Gold gained 0.3 percent to $1,255.00 per ounce. The metal has alternated between gains and losses for the past six days.

Bloomberg

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