Technology stocks rebounded from a three-day rout but failed to lead the broader market higher, while yields on Treasuries retreated from a seven-year peak amid rising trade tensions and a sketchy outlook for global growth. The dollar drifted lower and crude hovered around US$75 a barrel.

The Nasdaq 100 Index, which lost nearly 4 per cent over the previous three sessions, rose despite giving up much of a 1 per cent increase earlier in the day. The S&P 500 Index turned lower on a 3.4 per cent decline in materials shares, the worst performing group in the stock market, after a leading coatings maker warned that profits would fall short of analyst forecasts.

“Tech’s slide -- outside semiconductors -- has stopped due to the pause in interest rates moving higher,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. “Separately from that, people are stepping in and buying some of these names because they’re on sale.”

Meanwhile, the yield on benchmark 10-year Treasuries slipped after almost hitting 3.26 per cent, the highest since 2011.

“There was some talk that when the bond market opened up today we may see rates move lower. That was a telling sign, and we did not see that,” said Victoria Fernandez, chief market strategist for Crossmark Global Investments. “We have really established this new range on the 10-year.”

The Stoxx Europe 600 Index rose for the first time in four days. The MSCI Asia Pacific Index notched a seventh straight drop, though stocks in Shanghai rose following the biggest selloff in more than three months. The yuan gained in onshore trading after sliding a day earlier -- a move that prompted concern from the U.S. government.

With a gloomy mood permeating markets, the latest report from the International Monetary Fund did little to spur investor confidence. The IMF cut its global growth outlook for the first time since 2016, in part because of rising trade tensions between the world’s two largest economies. China took steps to aid lending this week, a move that inevitably puts pressure on the yuan and potentially creates a vicious circle where the currency’s weakness threatens to further aggravate the situation by prompting more easing by Chinese officials.

“If the trade confrontation continues, the Chinese currency will go lower and that will create a whole host of problems for the global economy,” said Alicia Levine, chief strategist at BNY Investment Management.

Meanwhile, Chinese Internet giant Tencent Holdings Ltd. continued to plunge, falling 38 per cent, or US$220 billion, from its January high. It has lost more market value than any other company in the world this year.

South Korea’s market was closed for a holiday. Next up, traders are bracing themselves for US$230 billion of Treasury auctions this week.

Terminal users can read more in our Markets Live blog.

Here are some key events coming up:

The U.S. Treasury has US$230 billion worth of debt auctions this week. The IMF and World Bank will hold meetings in Bali from Friday, where finance chiefs from around the world will gather. A closely watched gauge of U.S. consumer prices probably remained elevated in September and rose 2.3 per cent from a year earlier, according to forecasts ahead of Thursday’s release. JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. kick off earnings season for U.S. banks on Friday.

These are the main moves in markets:

Stocks

The S&P 500 declined 0.1 per cent to 2,880.34, while the Nasdaq 100 increased 0.3 per cent. The Stoxx Europe 600 Index rose 0.2 per cent. The U.K.’s FTSE 100 Index gained 0.5 per cent. The MSCI Asia Pacific Index sank 0.8 per cent, hitting the lowest since July 2017 with its seventh consecutive decline. The MSCI Emerging Market Index added 0.1 per cent, rebounding from a loss of almost 0.5 per cent earlier in the day.

Currencies

The Bloomberg Dollar Spot Index declined less than 0.1 per cent. The euro was little changed at US$1.1494. The British pound added 0.4 per cent to US$1.314. The Japanese yen gained 0.3 per cent to 112.93 per dollar.

Bonds

The yield on 10-year Treasuries fell three basis points to 3.2025 per cent. Germany’s 10-year yield climbed two basis points to 0.547 per cent. Britain’s 10-year yield increased four basis points to 1.716 per cent.

Commodities

The Bloomberg Commodity Index rose 0.4 per cent. West Texas Intermediate crude added 0.8 per cent to US$74.85 a barrel. Gold gained 0.2 per cent to US$1,189.95 an ounce.