Inflation fears stalk stocks
Reuters
LONDON/SYDNEY (Reuters) - A sell-off in global shares extended to its longest losing streak in two months on Wednesday as surging commodity prices and growing inflationary pressure in the United States prompted bets on earlier interest rate hikes and higher bond yields.
A limited equity market recovery emerged in European early trade, with the continent s shares STOXX 600 index adding 0.4% after Tuesday s slump.
London s FTSE 100 led the way, buoyed by data showing Britain s pandemic-battered economy grew more strongly than expected in March.
MSCI s broadest index of Asia-Pacific shares outside Japan slumped 0.9%, having earlier touched its lowest since March 26.
Tech Stocks Climb on Waning Rate Worries
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Provided by Dow Jones
By Anna Hirtenstein and Gunjan Banerji A lackluster monthly jobs report sparked a rebound in technology shares and other growth stocks Friday while triggering a decline in government-bond yields. The Nasdaq Composite added 1.3%, outpacing its peers. The S&P 500 ticked up 0.7%, a day after the broad-market index closed near its all-time high. The Dow Jones Industrial Average inched up 146 points, or 0.4%. The yield on the benchmark 10-year U.S. Treasury note fell as low as 1.487%, according to Tradeweb, compared with roughly 1.570% just before the report was released and 1.561% Thursday. But it was recently back to 1.544% at the lower end of its trading range for the past several weeks and on track for a sixth consecutive day of declines.
Provided by Dow Jones
By Anna Hirtenstein U.S. stock futures clung to their early gains and government-bond yields declined after disappointing jobs data suggested a potential slowdown in the pace of the economic recovery. Futures tied to the S&P 500 ticked up 0.4%, a day after the broad-market index closed near its all-time high. Nasdaq-100 futures advanced 1.3%, with gains accelerating after the jobs data was released. Futures linked to the Dow Jones Industrial Average slipped 0.1%, paring their early rise. Meanwhile, the yield on the 10-year Treasury note edged down to 1.509%, from 1.561% on Thursday, on track for a sixth consecutive day of declines.
Tech Stocks Climb Despite Disappointing Jobs Report
05/07/2021 | 08:15am EDT
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By Anna Hirtenstein and Gunjan Banerji Technology and other growth stocks jumped and government-bond yields declined after disappointing jobs data suggested a potential slowdown in the pace of the economic recovery. The Nasdaq Composite added 1% shortly after the opening bell, outpacing its peers. The S&P 500 ticked up 0.5%, a day after the broad-market index closed near its all-time high. The Dow Jones Industrial Average inched up 66 points, or 0.2%. The yield on the 10-year Treasury note fell to 1.536%, from 1.561% on Thursday, on track for a sixth consecutive day of declines.
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