Bloomberg
(Bloomberg) -- Technology shares pushed U.S. stocks down from record highs. Treasury yields increased and crude oil gained. Micron Technology Inc. and Advance Micro Devices paced loses in the information technology sector of the benchmark S&P 500 Index, which had fluctuated for much of Wednesday’s trading session as investors weighed earnings from companies including some of the world’s biggest banks. Federal Reserve Chairman Jerome Powell had said economic growth was accelerating, but also warned that risks from a potential spike in Covid-19 cases remain.“We’re going to see a lot of volatility,” said Mike Loukas, president and chief executive officer at TrueMark Investments. “Volatility seems to be the key and somehow when it all comes through the pipeline we end up with record highs.”Elsewhere, Bitcoin jumped to an all-time high, as did Ether, the second-largest digital token, with shares of cryptocurrency company Coinbase Global Inc. surging during their trading debut on the Nasdaq.With global equities lingering near all-time highs, investors are looking to the earnings season for further catalysts. Expectations of a strong profit rebound have helped markets rally, setting the bar high as reporting gets underway. More broadly, investors are monitoring vaccine developments for any threats to the economic recovery, while also keeping an eye on rising inflation.“No one can deny how big the elephant in the room is in terms of fiscal stimulus,” Nela Richardson, ADP’s chief economist, said by phone. “Companies didn’t do this themselves -- they got a big lift from the Fed and a big lift from the U.S. government.”The White House said the U.S. inoculation campaign remains on track despite a pause in Johnson & Johnson doses amid health concerns. J&J shares edged lower for a second day, while rival Moderna Inc. rose.Some key events to watch this week:U.S. Federal Reserve releases Beige Book on Wednesday.U.S. data including initial jobless claims, industrial production and retail sales come Thursday.China economic growth, industrial production and retail sales figures are on Friday.These are some of the main moves in financial markets:StocksThe S&P 500 Index fell 0.2% as of 2:14 p.m. New York timeThe NASDAQ Composite Index fell 0.8%, more than any closing loss since March 24The Dow Jones Industrial Average rose 0.4%The MSCI World Index rose 0.1% to a record highCurrenciesThe Bloomberg Dollar Spot Index was little changedThe euro climbed 0.2% to $1.20The British pound climbed 0.2% to $1.38The Japanese yen was unchanged at 109 yen per dollarBondsThe yield on 10-year Treasuries advanced 2.3 basis points to 1.638%Germany’s 10-year yield advanced 3.3 basis points, more than any closing gain since March 26Britain’s 10-year yield advanced 2.6 basis points, more than any closing gain since March 30CommoditiesWest Texas Intermediate crude rose 4.9%, the most since March 23Gold futures fell 0.7% to $1,736/ozFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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