ChinaStocks fall as tech shares weigh; gold rises amid inflation concerns
Caroline Valetkevitch
4 minute read
Stock indexes were lower globally on Monday with technology shares on Wall Street falling, while U.S. Treasury yields traded little changed even after a report showing the highest prices ever paid in a May manufacturing survey for New York State.
The S&P 500 technology sector (.SPLRCT) was down 0.9% and was the biggest drag on the benchmark index.
Concerns over inflationary pressure helped to lift gold prices to their highest in more than three months, however.
The Empire State Manufacturing Survey, produced by the New York Fed, showed the prices paid index rose to a record 83.5, the highest since the data series began in 2001, said Tom Simons, money market economist at Jefferies & Co.
Global Shipping Struggles To Keep Up With Exploding U.S. Demand
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Kind of reminds me of the story of the tortoise and the hare.
Bracing for another volatile week where investors have to crunch more numbers than normal and will be in the dark on key issues of the day.
Demand has materialized and supply isn’t there. One has to wonder why businesses have been so flatfooted. There is no doubt the uneven recovery that saw US demand pop before the rest of the world skewed the flow of containers and sent cost up on everything involving global shipping and raw materials needs.
Politics
“But what is government itself, but the greatest of all reflections on human nature?” –James Madison, Federalist 51
“They had one weapon left and both knew it: treachery.” –Frank Herbert, Dune “They had learned nothing, and forgotten nothing.” –Charles Maurice de Talleyrand-Périgord
Biden Administration
UPDATE “Biden to Send U.S.-Authorized Vaccines Abroad for First Time” [Bloomberg]. “President Joe Biden plans to send an additional 20 million doses of U.S. coronavirus vaccines abroad by the end of June including, for the first time, shots authorized for domestic use, where supply is beginning to outstrip demand. Biden will announce Monday that he’ll export 20 million doses of vaccines from Pfizer Inc., Moderna Inc. or Johnson & Johnson, on top of 60 million AstraZeneca Plc doses he had already planned to give to other countries, according to a senior administration official familiar with the plan. The official, who asked not to be identifi
US: NY Empire State Manufacturing Index falls to 24 3 in May vs 23 9 expected forexcrunch.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forexcrunch.com Daily Mail and Mail on Sunday newspapers.
<p>Something very disruptive occurred in the bond market this past week and the smartest minds in the fixed income markets are scurrying to explain the anomaly that played out in one of the most counter-intuitive moves seen in recent months. After the 10-year Treasury note yield traded from 1.00% on Jan. 28 up to 1.75% […]</p>
.04/20/2021 0:49:23AM EST.