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- U.S. stocks fluctuate, USD and crude oil decline – market wrap
U.S. stocks fluctuate, USD and crude oil decline - market wrap
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Loading...U.S. stocks fluctuated near records as data showing steady growth in the services industries bolstered confidence in the economy.
The S&P 500 Index erased early losses as industries that make up the bulk of the economy continued to expand at a solid pace in May. Miners weighed on European equities, as zinc and tin led base metals lower. Markets were closed for a public holiday in a number of European countries including Germany, Norway and Ireland. Mexico’s peso traded at the strongest level in seven months. Oil erased gains sparked by a political spat between several energy-producing nations in the Middle East.
While the Federal Reserve has entered a blackout period ahead of the U.S. rate decision next week, there’s still plenty on the agenda:
Former FBI Director James Comey will testify before Congress following his dismissal by Donald Trump.
U.K. voters go to the polls Thursday. Surveys of voters over the past few weeks have indicated a tightening race, increasing the chance that Prime Minister Theresa May might not get an increased majority.
Mario Draghi holds forth after Thursday’s ECB meeting. Don’t expect policy changes, but the bank may drop the reference to “downside” risks to growth, while reiterating a weak inflation outlook, Bloomberg Intelligence said.
Policy decisions from central banks in India and Australia are due during the week, as well as data on Chinese trade and inflation, U.S. factory orders, European industrial output figures and GDP reports for Australia, Japan and the euro area.
The S&P 500 was little changed as of 10:03 a.m. in New York. The benchmark index gained 0.4 percent to a record on Friday. The Stoxx Europe 600 Index declined 0.2 percent with basic resources producers down 0.6 percent.
West Texas Intermediate crude declined 1.2 percent to $47.07 a barrel in New York, after dropping 1.5 percent on Friday. Gold rose 0.3 percent to $1,283.80 an ounce. Copper fell 0.5 percent to $5,636 a ton and zinc traded 1.4 percent lower at $2,492 a ton on the London Metal Exchange.
The Bloomberg Dollar Spot Index dropped 0.1 percent, adding to a 0.4 percent decline on Friday. The yen fell 0.2 percent to 110.58 per dollar. Japan’s currency climbed 0.9 percent Friday after the U.S. data.
The pound climbed 0.1 percent after erasing an earlier loss. The euro fell 0.3 percent to $1.1248.
Source: Bloomberg Pro Terminal
Jr Trader Ivan Ivanov
Varchev Traders
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