U.S. stocks fluctuated,
slowing an advance in global equities, as crude slid toward $46 a barrel on
renewed concern of an oversupply in America. Treasuries fell with gold amid
easing demand for haven assets before tomorrow’s U.S. payrolls report.
The S&P 500 Index erased
gains as crude sank after government data showed inventories fell less than
anticipated in the past week. European shares rose for the first time in four
days, while emerging-market equities climbed the most in a week. Treasuries
slipped, pushing yields higher from unprecedented lows, while a rally in gold
faltered.
As global financial markets
continued to weigh the fallout from Britain’s shock decision to secede from the
European Union, attention is shifting to Friday’s U.S. jobs report for clues on
the Federal Reserve’s next policy decision. The central bank mentioned concern
that job creation was faltering at its last meeting, though the latest data on
signaled the U.S. economy may have been gaining speed before the U.K. vote.
“The markets are gyrating,
but I think this is just the post-Brexit environment and we’re looking for
where the new equilibrium levels are and we haven’t found them yet,” said Kevin
Caron, a Florham Park, New Jersey-based market strategist and portfolio manager
who helps oversee $180 billion at Stifel Nicolaus & Co. “This is a theme
that may stay with us for a while; stock markets aren’t cheap, by definition
the bond market isn’t cheap, and globally the economy is struggling.”
Credit:Bloomberg
No comments:
Post a Comment