U.S. Stocks Rise as Tech Rebounds, Dollar Slides: Markets Wrap
An opening bell sits near screens displaying stock price charts inside the Regional Securities Exchange SA, also known as the Bourse Regionale des Valeurs Mobilieres SA (BRVM), in Abidjan, Ivory Coast. (Photographer: Jose Cendon/Bloomberg)

U.S. Stocks Rise as Tech Rebounds, Dollar Slides: Markets Wrap

(Bloomberg) -- U.S. stocks rose the most in three weeks as technology rebounded from losses sparked by America’s unclear strategy toward Chinese trade. Emerging-market assets had another miserable day, while Treasuries slumped with the dollar.

The S&P 500 Index shook off early malaise to end higher, as technology stocks lifted the benchmark toward a monthly gain. The 2,700 mark provided a key level of support. The Nasdaq indexes led advances after bearing the brunt of selling in prior sessions. Walgreens Boots Alliance Inc., the Dow Jones Industrial Average’s newest member, plunged after Amazon.com Inc. said it acquired an online pharmacy. A gauge of developing-market stocks sank to the lowest level in 10 months. West Texas Intermediate crude pushed above $73 a barrel.

U.S. Stocks Rise as Tech Rebounds, Dollar Slides: Markets Wrap

Confusing signals on global trade keep coming from the White House, which yesterday appeared to step back from an all-out confrontation with the world’s second biggest economy, only for adviser Larry Kudlow to later say that President Donald Trump’s wasn’t softening his stance. In China, which Trump previously branded a currency manipulator, the yuan’s fastest fall since 2015 is threatening to heighten tensions.

“The volatility comes because we’ve seen some volatility in the trade talks and it just naturally moves over into the markets,” Chris Gaffney, president of TIAA Bank World Markets in St. Louis, said by phone. “Trade is one of the major things impacting emerging markets, it’s impacting all of the markets. But specifically on the emerging market rout, unfortunately there’s probably more to come.”

Terminal users can read more in Bloomberg’s Markets Live blog.

These are key events coming up for the remainder of this week:

  • U.S. personal spending probably increased in May for a third month, economists forecast ahead of Friday’s data.
  • China manufacturing and non-manufacturing PMI are due on Saturday.

Here are the main market moves:


  • The S&P 500 rose 0.6 percent at 4 p.m. in New York.
  • The Russell 2000 added 0.2 percent and the Nasdaq 100 Index climbed 0.9 percent.
  • The Stoxx Europe 600 Index declined 0.8 percent to the lowest in more than 11 weeks.
  • The MSCI All-Country World Index was flat.
  • Germany’s DAX Index fell 1.4 percent to the lowest in 12 weeks.


  • The Bloomberg Dollar Spot Index declined 0.3 percent.
  • The euro rose 0.1 percent to $1.163.
  • The Japanese yen increased 0.2 percent to 110.51 per dollar.
  • The British pound sank 0.3 percent to $1.3075.
  • The offshore yuan fell 0.1 percent to 6.6337 per dollar.


  • The yield on 10-year Treasuries increased two basis points to 2.84 percent, the first advance in more than a week.
  • The two-year yield added one basis point to 2.52 percent.
  • Britain’s 10-year yield decreased less than one basis point to 1.245 percent, the lowest in four weeks.


  • The Bloomberg Commodity Index fell 0.4 percent.
  • West Texas crude rose 0.8 percent to $73.34 per barrel.
  • Gold futures fell 0.5 percent to $1,249.40 an ounce.

©2018 Bloomberg L.P.

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