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- U.S. stocks slip, dollar gains after French vote: market wrap
U.S. stocks slip, dollar gains after French vote: market wrap
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Loading...U.S. stocks slipped from all-time highs, while Europe’s common currency weakened following a convincing defeat of populism in France’s presidential election that investors had already priced in. Crude climbed as Saudi Arabia and Russia signaled output cuts will be extended.
The S&P 500 Index popped above its intraday record before turning lower as materials producers fell with metals prices. The euro weakened after climbing for five of the past six days in the buildup to the election of Emmanuel Macron. The dollar gained, while Treasuries turned lower. Oil pushed above $46 a barrel, as the Saudi oil minister said OPEC’s supply cuts will be extended.
Here are the main moves in markets:
Stocks
- The S&P 500 fell 0.1 percent to 2,396.66 as of 10:22 a.m. in New York. The benchmark gauge climbed 0.6 percent last week, closing Friday at an all-time high. It pushed 0.1 percent higher
shortly after the open to a fresh record of 2,401.36.
- The Stoxx Europe 600 slipped 0.2 percent, dragged down by miners.
- Emerging-market shares jumped 0.6 percent.
Currencies
- The euro fell 0.5 percent to $1.0944, after gaining as much as 0.2 percent earlier. The currency has been trading near the highest level since November.
- The Bloomberg Dollar Spot Index advanced 0.3 percent following four straight weeks of declines.
Bonds
- The yield on 10-year Treasury notes decreased two basis points to 2.33 percent.
- French benchmark yields fell three basis points to 0.81 percent while German equivalents dropped two basis points to 0.39 percent.
Commodities
- West Texas Intermediate fluctuated before rising 0.3 percent to $46.36 a barrel.
- Gold futures climbed 0.3 percent to $1,230.30 an ounce.
Source: Bloomberg
Jr Trader Petar Milanov
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