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U.S. stocks retreated; dollar slips with bonds

InternationalJul 25. 2020

By Syndication Washington Post, Bloomberg · Vildana Hajric · BUSINESS, US-GLOBAL-MARKETS

U.S. stocks fell for a second day on concern over escalating Chinese-American tensions and worries the recovery in the world’s largest economy has stalled. Spot gold topped $1,900 an ounce for the first time since 2011.

The S&P 500 turned lower for the week and the Nasdaq 100 hit a three-week low. Intel Corp. plunged on a warning of a production delay. Rival chipmaker Advanced Micro Devices Inc. gained. Verizon rallied after topping sales estimates, somewhat offsetting Intel’s drag on the Dow Jones Industrial Average.

Shares in China bore the brunt of losses overnight as Beijing ordered the U.S. to shut a consulate in a tit-for-tat retaliation. The dollar extended this week’s slide, and the offshore yuan dipped. Core European bonds fell after U.S. Treasuries turned lower. Five-year Treasury yields touched an all-time low before bouncing back.

Beijing’s latest move further strains the increasingly fraught relationship with the U.S., which forced China to leave its mission in Houston earlier this week. The two superpowers have also recently clashed on trade and early handling of the coronavirus, raising fears of a protracted conflict.

“We won’t be surprised if there is some sell-off because investors are shifting focus back to this geo-political tension,” Janet Mui, an investment director at Brewin Dolphin, said on Bloomberg TV.

Also hitting sentiment was the first uptick in U.S. jobless claims since March on Thursday. While European manufacturing data for July showed a return to growth, firms cut jobs for a fifth straight month. Earnings beats keep rolling in, though they’re coming against low expectations.

Stocks

– The S&P 500 Index decreased 0.6% as of 12:11 p.m. New York time.

– The Nasdaq 100 Index lost 0.6%.

– The Stoxx Europe 600 Index sank 1.7%.

– The MSCI Asia Pacific Index dipped 0.9%.

– The MSCI Emerging Market Index dipped 1.7%.

Currencies

– The Bloomberg Dollar Spot Index sank 0.5%.

– The euro climbed 0.3% to $1.1636.

– The British pound increased 0.4% to $1.2789.

– The onshore yuan weakened 0.2% to 7.018 per dollar.

– The Japanese yen strengthened 1% to 105.81 per dollar.

Bonds

– The yield on 10-year Treasuries gained one basis point to 0.58%.

– The yield on two-year Treasuries dipped one basis point to 0.15%.

– Germany’s 10-year yield climbed three basis points to -0.45%.

– Britain’s 10-year yield advanced one basis point to 0.138%.

– Japan’s 10-year yield was unchanged at 0.019%.

Commodities

– West Texas Intermediate crude fell 0.5% to $40.85 a barrel.

– Brent crude lost 0.6% to $42.97 a barrel.

– Gold strengthened 0.4% to $1,894.07 an ounce.