Stocks Fall for Second Week on Trade Concerns: Markets Wrap
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U.S. stocks fell for the first time in four days, with technology shares bearing the brunt of the selling in a market rattled by a barrage of trade-related headlines. The dollar rose.
Ten-year Treasury yields were little change at 2.39%, while the dollar rose to around year highs. Oil fell toward $62 a barrel.
The late-day sell-off underscored the fragile mood on financial markets roiled by two weeks of concern that escalating trade war will undermine global growth. President Donald Trump took steps toward calming nerves by postponing any tariffs on Japanese and European cars, while agreeing to end levies on Canadian steel and aluminum imports. But the status of talks with China remained unclear as investors headed into the weekend.
“What’s happening in markets is there’s this push and pull idea of what’s happening with the trade war with China. That’s obviously what’s on everyone’s minds,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
Meanwhile, iron ore rose to the highest level in almost five years. The pound weakened as U.K. Prime Minister Theresa May agreed to set a timeline to quit and Labour leader Jeremy Corbyn walked out of cross-party Brexit talks. MSCI’s gauge of emerging-market stocks fell to its lowest since January. Bitcoin slumped as much as 14%, before paring losses as this month’s surge for cryptocurrencies was tested.
Here are the main market moves:
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