U.S. stocks were mixed, with Intel Inc.’s poor results dragging technology shares lower while banks rallied again as Treasury yields held near a four-month high. Most stocks in the S&P 500 advanced Friday, helping the index pare its weekly slide. Financial firms advanced 0.7% as the 10-year rate stood at 0.85%. Intel Inc. plunged 10%, dragging chipmakers lower. American Express Co. also faltered following earnings. Gilead Sciences Inc. jumped after its antiviral therapy become the first drug formally cleared to treat Covid-19.
The individual share moves overshadowed the macro backdrop, where investors continue to bet that Washington lawmakers will deliver a financial spending bill to prop up the economy, even if it comes after the election. That optimism has helped drive rates higher. Concerns remain that rising virus cases will force additional business closures. The final presidential debate appeared to do little to alter the trajectory of a race that Democrat Joe Biden leads according to polls. The dollar slumped.
Europe’s equities market headed for its first increase this week. Barclays Plc jumped after reporting improved stocks trading, lifting U.K. banking shares. Carmakers climbed after Daimler AG raised its profit forecast and Renault SA topped revenue estimates, the latest signs the global auto industry is emerging from its worst slump in decades.
Here are the major moves in markets:
The S&P 500 Index increased 0.2% as of 9:53 a.m. New York time.The Nasdaq 100 Index lost 0.3%.The Stoxx Europe 600 Index gained 0.9%.The MSCI Asia Pacific Index rose 0.2%.
The Bloomberg Dollar Spot Index dipped 0.2%.The British pound decreased 0.1% to $1.3069.The Japanese yen strengthened 0.1% to 104.76 per dollar.The Turkish lira weakened 0.4% to 7.9632 per dollar.
The yield on 10-year Treasuries rose less than one basis point to 0.86%.Germany’s 10-year yield climbed one basis point to -0.56%.Britain’s 10-year yield increased two basis points to 0.305%.Australia’s 10-year yield increased five basis points to 0.861%.
West Texas Intermediate crude rose 0.2% to $40.73 a barrel.Gold strengthened 0.4% to $1,911.10 an ounce.Natural gas fell 2.7% to $2.93 per mmbtu.Iron ore sank 3.1% to $113.20 per metric ton.
U.S. Stocks Fluctuate With Intel Taking Tech Lower: Markets Wrap, Bloomberg, Oct 23