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04/12/2021 08:00 AM EDT
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U.S. stocks dropped from record highs while investors weighed the start of corporate earnings season and an influx of bond supply that loom as speedbumps to a roaring rally.
Tech shares decline; yields climb amid auctions
Vildana Hajric and Claire Ballentine, Bloomberg News
McCreath: U.S. PPI data encouraging sign for bonds VIDEO SIGN OUT
Technology shares led U.S. stocks lower before earnings and an influx of bond supply that loom as speedbumps to a roaring rally.
The communication services and information technology sectors pushed the S&P 500 into negative territory in the wake of a third straight week of gains for the benchmark index. In Europe, retailers and travel companies led declines on the Stoxx Europe 600 Index.
Yields rose as the U.S. Treasuryâs auction of three-year notes attracted slightly lower demand than the previous sale. The government will offer 10-year securities at 1 p.m. New York time and 30-year bonds tomorrow.
by Tyler Durden
Monday, Apr 12, 2021 - 09:44 AM
Looking at the busy week ahead, the pandemic will remain in focus as the new case count is still moving higher at the global level even if the US now appears to have left covid behind. In the week ending last Friday April 9, the numbers recorded by John Hopkins University showed a 4.45m increase in cases globally, which compares with increases of 4.11m, 3.78m and 3.29m in the 3 weeks before that, so as Deutsche Bank notes, we ve seen an acceleration in the past month, although the rate of increase is still shy of the peaks in December and January.
Stocks drop from record highs; yields edge higher - Article bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.