U.S. stocks pare monthly gain as banks, Crude slip - Markets Wrap

U.S. stocks fell as a decline in trading revenue at JP Morgan Chase & Co. sent bank shares into a tailspin. Treasuries rose and oil fell toward $48 a barrel in New York.

The S&P 500 Index pared a monthly gain as lenders lost 1.2 percent after JP Morgan said the revenue metric is down 15 percent so far in the second quarter. Lenders have been under pressure as 10-year Treasury yields slumped to 2.20 percent. European equities erased gains. Crude extended losses amid doubts prolonged output cuts will clear a global surplus. The pound wobbled as the outcome of next week’s U.K. election appeared increasingly uncertain.

The pound’s moves are a reminder of the potential risks surrounding a series of national elections in Europe this year. Meanwhile, with key central bank meetings next month on both sides of the Atlantic, investors remain focused on this week’s slew of economic data to gauge both the strength of the global economy and the path for interest rates.

Here are the main movers in markets:

Indices
- The S&P 500 fell 0.2 percent to 2,407.73 at 11:19 a.m. in New York, trimming its gain this month to 1 percent.
- The Nasdaq Composite fell 0.3 percent.
- The Stoxx Europe 600 Index climbed 0.1 percent. Construction and materials shares led the advance, gaining 1 percent, while mining stocks dropped 1.6 percent.
- The MSCI Emerging Market Index fell 0.6 percent, trimming its monthly rise to 3.2 percent, the most since January.

Currencies
- The pound slipped 0.1 percent to $1.2845. The euro jumped 0.3 percent.
- The yen was little changed at 110.85 per dollar after rising 0.4 percent Tuesday.
- The Bloomberg Dollar Spot Index fell 0.1 percent.

Commodities
- Gold rose 0.3 percent to $1,266.83 an ounce after a 0.4 percent loss Tuesday.
- West Texas Intermediate oil dropped 2.3 percent to $48.54 a barrel after retreating 0.3 percent in the previous session.

Source: Bloomberg

Jr Trader Petar Milanov

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