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Tech Leads U.S. Stock Drop as Trade Tensions Grow: Markets Wrap
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Tech Leads U.S. Stock Drop as Trade Tensions Grow: Markets Wrap
(Bloomberg) -- Slumping tech stocks dragged down U.S. indexes amid renewed concern over the outlook for trade talks between the U.S. and China.The S&P 500 Index headed for its biggest drop in two weeks after a delegation of Chinese trade officials canceled a trip to Montana farms to go home earlier than planned. The Nasdaq Composite slumped as much as 1.2% as Netflix Inc. and chipmakers weighed on the tech-heavy gauge. Oil climbed amid still-elevated tensions in the Middle East as President Donald Trump stepped up sanctions on Iran.U.S. equity trading may be volatile because of a quarterly event known as “quadruple witching,” when options and futures on indexes and stocks expire. The moves bring some of the busiest trading days of the year.After a slew of monetary policy decisions this week, traders are now looking toward negotiations between the U.S. and China as trade deputies from both nations prepare to meet. On Wednesday, the Federal Reserve cut borrowing costs for a second time this year as major central banks around the world move to soften the blow of a protectionist spat that has created headwinds for global growth.“There’s a fair amount of risk to the outlook at this point,” said Michael Reynolds, investment strategy officer at Glenmede Trust.Elsewhere, the Stoxx Europe 600 Index advanced. The pound fell as the Irish government damped hopes of an imminent breakthrough in Brexit negotiations.Asian stocks saw modest gains on reduced volumes, except in India, where equities soared after the country cut its corporate tax rate. Hong Kong shares slipped while the Shanghai Composite Index added just 0.2% after China’s modest cut to a reference rate for bank loans failed to impress investors.Here are the main moves in markets:StocksThe S&P 500 Index fell 0.4% as of 1:44 p.m. New York time.The Stoxx Europe 600 Index advanced 0.3%.The MSCI Asia Pacific Index climbed 0.3%.The MSCI Emerging Market Index climbed 0.3%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.1%.The euro fell 0.2% to $1.1016.The British pound decreased 0.3% to $1.2486.The Japanese yen gained 0.3% to 107.73 per dollar.BondsThe yield on 10-year Treasuries fell two basis points to 1.76%.Germany’s 10-year yield fell one basis point to -0.53%.Britain’s 10-year yield slipped one basis point to 0.63%.CommoditiesGold rose 0.7% to $1,508.76 an ounce.West Texas Intermediate crude gained 0.7% to $58.54 a barrel.\--With assistance from Adam Haigh, Todd White, Lu Wang and Constantine Courcoulas.To contact the reporters on this story: Vildana Hajric in New York at vhajric1@bloomberg.net;Brendan Walsh in Austin at bwalsh8@bloomberg.netTo contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, ;Jeremy Herron at jherron8@bloomberg.net, Brendan WalshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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