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U.S. Stocks Fall After Amazon’s Warning; Oil Gains: Markets Wrap

Captura de Pantalla 2020-05-01 a la(s) 4.22.54 p. m.

 

 

Stocks

  • The S&P 500 Index fell 1.8% as of 10:03 a.m. New York time.
  • The Nasdaq Composite Index declined 2%.
  • The U.K.’s FTSE 100 Index dropped 2.1%.
  • The MSCI All-Country World Index fell 1.7%.

Currencies

  • The Bloomberg Dollar Spot Index gained 0.3%.
  • The euro gained 0.2% to $1.0976.
  • The British pound declined 0.6% to $1.2544.
  • The Japanese yen strengthened 0.3% to 106.87 per dollar.

Bonds

  • The yield on 10-year Treasuries dipped one basis point to 0.63%.
  • Britain’s 10-year yield rose three basis points to 0.255%.

Commodities

  • West Texas Intermediate crude climbed 0.6% to $18.95 a barrel.
  • Gold weakened 0.1% to $1,685.60 an ounce.

U.S. stocks dropped as investors began May pondering dreary corporate news tied to the coronavirus and a ratcheting up of tension with China. The dollar rose with Treasuries as a risk-off mood prevailed.

The S&P 500 Index’s drop approached 2% in the wake of sobering comments from Amazon.com Inc. and Apple Inc. about the pandemic’s impact. Exxon Mobil Corp. slumped after posting its first quarterly loss in at least 32 years. Gold headed for its worst week since mid-March. The dollar was on track for its first increase since last week versus major peers.

Equities retreated in the U.K., one of the few open markets in Europe as other countries celebrated May Day, and the pound gave back some of this week’s gains as Prime Minister Boris Johnson pledged a “comprehensive plan” to lift the country’s lockdown, with details due next week. Stocks slumped in Tokyo and Sydney. Most Asian markets didn’t trade.

Global bond yields have slumped alongside earnings expectations

While the S&P 500 posted its best month since 1987 in April — spurred by a slowdown in coronavirus infections and $8 trillion in promised stimulus initiatives globally — earnings reports and economic data are serving a reminder of lasting pain. Amazon warned of a possible second-quarter loss, while Apple omitted an earnings forecast for the first time in more than a decade. Data Friday showed South Korea’s exports plunged the most since 2009, while a gauge of Japanese manufacturing did the same.

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