THURSDAY, March 28, 2024
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U.S. stocks trade mixed with tech faring worst

U.S. stocks trade mixed with tech faring worst

U.S. stocks traded mixed as investors considered whether a rising number of coronavirus cases will curb the global economic recovery. Treasuries jumped, with the five-year yield touching a record low.

Tech shares led declines, a dynamic that's become increasingly rare as investors favored megacap companies seen as insulated from pandemic lockdowns. Most shares rose on the S&P 500 as the gauge fluctuated between small gains and losses after data showed record deaths in Florida, Texas and California from the virus. Gilead Sciences Inc. advanced after the company said its Remdesivir treatment cut covid-19 mortality risk by 62%. European shares edged higher.

With record deaths across America, as well as fears of a second wave in Asia, the spotlight is back on the spread of the coronavirus as investors head into the weekend. Fiscal and monetary stimulus buoyed markets thus far, but investors are looking for signals on what additional support may be in the works. Federal Reserve Bank of Dallas President Robert Kaplan, speaking on Fox Business, said he sees the need for more fiscal outlays.

"We're going to see intermittent periods of shutdowns over the next year or so while we're still grappling with this virus," Erin Browne, a multi-asset portfolio manager at Pacific Investment Management Co., said on Bloomberg TV. "But I wouldn't expect we're likely to see a wholesale shutdown of the U.S. economy like we saw earlier this year."

Elsewhere, China shares dropped as selling by state-backed funds signaled authorities wanted to slow the pace of gains following the Shanghai Composite's eight-day winning run.

Oil traded below $40 a barrel in New York. In the U.K., yields on two- and five-year notes hovered near all-time lows amid speculation that the Bank of England may further ease monetary policy.

These are the main moves in markets:

Stocks:

- The S&P 500 Index was little changed as of 10:19 a.m. New York time.

- The Stoxx Europe 600 Index climbed 0.5%.

- The MSCI Asia Pacific Index dipped 1.1%.

- The MSCI Emerging Market Index sank 1.3%.

Currencies:

- The Bloomberg Dollar Spot Index fell 0.2%.

- The euro decreased 0.2% to $1.1309.

- The British pound rose 0.3% to $1.2642.

- The Japanese yen strengthened 0.4% to 106.76 per dollar.

Bonds:

- The yield on 10-year Treasuries fell two basis points to 0.60%.

- Germany's 10-year yield declined two basis points to -0.48%.

- Britain's 10-year yield declined two basis points to 0.14%.

Commodities

- West Texas Intermediate crude declined 0.1% to $39.58 a barrel.

- Gold strengthened 0.3% to $1,808.10 an ounce.

 

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