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U.S. Equities Fluctuate With Dollar as Bonds Retreat

U.S. stocks swung with the dollar, while Treasuries pulled back as post-U.S. election asset moves stalled a day before Donald Trump is slated to hold a press conference that could provide detail on his policy preferences.

The S&P 500 Index closed little changed, while the Dow Jones Industrial Average fell from session highs as investors prepared for the fourth-quarter earnings reporting season. The Russell 2000 Index of small caps advanced, halting a three-day slide. Treasuries edged lower, while the Bloomberg Dollar Spot Index nudged higher after swinging around throughout the day. Gold jumped to a six-week high as copper surged with iron ore after Chinese producer prices climbed. Oil slipped below $51 a barrel in New York.

Caution crept into financial markets as the euphoria over Trump’s perceived pro-growth policies faded with Congress holding confirmation hearings for his proposed cabinet members and the president-elect preparing to face the media for the first time since July. Delta Air Lines Inc. is slated to kick off the S&P 500 earnings season on Thursday, with analysts forecasting profits for companies in the index expanded by 3.8 percent last quarter. The Chinese PPI data provided a silver lining, indicating the world’s second-largest economy is poised to export inflation around the world via its supply chains.


· The S&P 500 was unchanged at 2,268.90 as of 4 p.m. in New York, after erasing all of a 0.5 percent advance. Health-care and financial shares rose, while real-estate and energy shares slumped.

· The Dow Jones Industrial Average hovered below 19,900, falling 0.2 percent with Procter & Gamble Co. pacing declines in the 30-stock gauge.

· The Russell 2000 rebounded by 1 percent to push its post-election gains back toward 15 percent. The measure rose as much as 20 percent in the months after Trump’s win.

· The FTSE 100 Index capped an 11th straight gain in its longest rally since 2011. The index has closed at all-time highs for a record nine straight days.

· Asian index futures signalled gains, with contracts on benchmarks in Japan, Australia, Hong Kong and South Korea rising by at least 0.1 percent in most recent trade.


· The Bloomberg Dollar Spot Index rose 0.1 percent with the greenback enduring a choppy trading session against both the yen and euro.

· Japan’s currency added 0.3 percent to 115.74 per dollar, strengthening for a second day.

· The pound reaffirmed its position as the worst-performing Group-of-10 currency, touching its lowest level since Oct. 25 before rebounding to trade little changed at 1.2174 per dollar.

· The MSCI Emerging Markets Currency Index rallied, adding 0.3 percent.


· West Texas Intermediate crude dropped 2.2 percent to a three-week low amid speculation U.S. crude supply is rising just as the market weighs compliance by OPEC on promised production cuts.

· Oil slipped to $50.82 a barrel after sinking 3.8 percent last session.

· Steel and iron ore futures surged to their daily limit in China amid more signs the government intends to squeeze excess capacity, and after the country’s factory-gate inflation reached the highest in five years.

· Gold futures added 0.1 percent to settle at $1,185.50 an ounce, the highest close since Nov. 29. Demand is forecast to rise ahead of Chinese New Year.


· Tuesday’s $24 billion three-year U.S. bond sale drew the strongest investor appetite since August, with a gauge of demand known as the bid-to-cover ratio rising to 2.97. The yield was 1.472 percent, the highest for an auction of the maturity since April 2010.

· Yields on 10-year Treasury notes rose by one basis point, or 0.01 percentage point, to 2.38 percent, after falling five basis points on Monday.

· Bonds in core European countries were little changed, with the yield on 10-year bunds at 0.28 percent.

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Wednesday, 11 Jan, 2017 / 7:48

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