ADVERTISEMENT

U.S. Assets Little Changed Amid Health Vote Delay: Markets Wrap

Japanese yen remains at strongest level since November

U.S. Assets Little Changed Amid Health Vote Delay: Markets Wrap
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S. (Photographer: Jin Lee/Bloomberg)

(Bloomberg) -- U.S. stocks ended an up-and-down session slightly lower, while Treasuries slipped with the dollar as House Republicans postponed voting on a health-care bill, raising speculation the Trump administration’s pro-growth policies will face hurdles in Congress.

The S&P 500 Index fell to the lowest level of the session after Republican House leadership said there would be no vote Thursday, before paring some of the drop into the close. Bloomberg’s dollar measure swung between gains and losses throughout the session, while the yield on 10-year Treasury notes edged higher to 2.41 percent.

Read here for the latest on the health-care bill’s progress.

U.S. Assets Little Changed Amid Health Vote Delay: Markets Wrap

The reflation trades sparked by Trump’s election have faltered in March as the administration remains far from delivering on pro-growth policies that boosted stocks and the dollar. The White House wrangled with House Republicans throughout the day to secure enough votes to pass the first major piece of legislation under the 45th president.

Read our Markets Live blog here.

What’s coming up the rest of this week:

  • Voting on the Republican health bill is tabled for Thursday, with procedural votes scheduled instead. A vote may take place Friday.
  • Francois Fillon may find a TV interview tonight a bit of an ordeal, given the allegations that have plagued his campaign. 

Here are the main moves in markets:

Stocks

  • The S&P 500 Index fell 0.1 percent to 2,345.96 as of 4:03 p.m. in New York.
  • Banks pared gains that topped 1 percent, while technology shares led declines.
  • The Stoxx Europe 600 Index added 0.9 percent, snapping three days of declines. Miners added 0.8 percent.
  • Emerging market stocks rose 0.2 percent.

Currencies

  • The Bloomberg Dollar Spot Index was little changed after six days of losses.
  • The pound climbed 0.1 percent to $1.2516 after a report showed retail sales rose 1.4 percent in February after sliding a revised 0.5 percent the previous month.
  • The euro weakened 0.1 percent to $1.0782.

Bonds

  • U.S. benchmark Treasury bonds fell, with the yield on the note due higher by one basis point to 2.42 percent.
  • Portuguese and Italian bonds led gains in Europe, as 10-year note yields dropped one basis point and two basis points, respectively. German bonds were little changed, with the yield on the benchmark bund at 0.41 percent.
  • Bonds of periphery countries rose after the European Central Bank’s last offer of free long-term cash for euro-area banks attracted the strongest demand yet.

Commodities

  • Gold fell 0.3 percent to $1,249.20, halting a six-day advance.
  • WTI Crude slipped 0.8 percent to $47.69 a barrel on speculation record U.S. crude stockpiles that have undermined OPEC’s output cuts may finally be set to shrink.

--With assistance from Stephen Spratt and Sid Verma

To contact the reporter on this story: Cecile Gutscher in London at cgutscher@bloomberg.net.

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Samuel Potter