U.S. equities climbed at the end of a bruising week in which escalating trade tensions dominated markets. The pound fluctuated after U.K. Prime Minister Theresa May laid out a timetable to quit. Ten-year Treasury yields gained and the dollar slipped.
The trade conflict between the U.S. and China and cracks in the global economy are herding investors to the safest parts of financial markets, pushing benchmark Treasury yields to multiyear lows.
Federal Reserve officials judged at their latest meeting that their patient approach to interest-rate change would be appropriate “for some time,” and many sided with Chairman Jerome Powell’s view that the recent dip in inflation was probably temporary.
Oil fell on signs the worsening U.S.-China trade war will take a toll on global economic growth, overshadowing the prospect of OPEC and its allies extending production curbs.
Federal Reserve Bank of Boston President Eric Rosengren said the uncertainty surrounding the U.S.-China trade dispute adds a downside risk to his forecast for the economy, giving the central bank another reason to be patient as it keeps interest rates steady.
At least one investor is winning with Wall Street’s worst-performing trade.
For a second session, the tech-heavy benchmark fell more than 1%, poised for the longest streak of losses of this size since December.
U.S. equities pared losses after an early stumble as the fallout from the White House’s moves against Chinese telecom giant Huawei battered technology shares.
Global equity investors are likely underestimating what may be immense damage across a variety of industries triggered by the U.S.-China trade dispute, particularly involving the latest Huawei Technologies Co. escalation, Wall Street analysts say.
U.S. stocks rose for a third day and Treasuries slumped anew as the rebound in risk assets from the trade-fomented sell-off continued, even as markets remained exposed to fresh tariff headlines.