Feb 10, 2021
Stocks drop for second day; treasuries advance
, Bloomberg News
BNN Bloomberg's mid-morning market update Feb. 10, 2021
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U.S. stocks notched a second straight small decline after reaching a record, as investors assessed what the latest inflation reading means for aid prospects.
The S&P 500 Index ended and up-and-down session lower by less than 0.1 per cent. The Dow Jones Industrial Average posted a gain, while the Nasdaq 100 retreated. The 10-year Treasury yield fell back below 1.15 per cent after the core consumer price index was unchanged last month.
The CPI data are part of an intensifying debate in financial markets over the course of inflation. Despite the muted January figure, investors continue to worry that price pressures are set to increase in the months ahead as Congress passes an aid bill and more vaccinations spur consumer spending.Twitter Inc. climbed after reporting a jump in revenue. Lyft Inc. rallied as the co-founder said the ride-hailing company will “absolutely” turn a quarterly profit this year.
Here are some key events coming up:
- Lunar New Year public holidays begin in nations across Asia, with China breaking for a week.
- Bank of Russia’s policy decision comes Friday.
These are the main moves in markets:
Stocks
- The S&P 500 Index lost less than 0.1 per cent 4 p.m. in New York.
- The Stoxx Europe 600 Index fell 0.2 per cent.
- The MSCI Asia Pacific Index rose 0.8 per cent.
- The MSCI Emerging Market Index gained 1.1 per cent.
Currencies
- The Bloomberg Dollar Spot Index fell 0.1 per cent.
- The euro added 0.1 per cent to US$1.2125.
- The British pound rose 0.2 per cent to US$1.3841.
- The Japanese yen slipped 0.1 per cent to 104.67 per dollar.
Bonds
- The yield on 10-year Treasuries fell two basis points to 1.13 per cent.
- The yield on two-year Treasuries was unchanged at 0.11 per cent.
- Germany’s 10-year yield rose one basis point to -0.44 per cent.
- Britain’s 10-year yield climbed two basis points to 0.48 per cent.
Commodities
- West Texas Intermediate crude gained 0.5 per cent to US$58.65 a barrel.
- Gold futures added 0.4 per cent to US$1,844.20 an ounce.
--With assistance from Anchalee Worrachate.
