Precise Investors Editorial Team
MSCI’s all-country index was a shade higher by 0.04% after gaining as far as 978.74, a record high
An index of world equity markets edged higher in choppy trading after hitting a record high on Tuesday.
MSCI’s all-country index was a shade higher by 0.04% after gaining as far as 978.74, a record high.
U.S. stocks erased earlier session gains and closed lower, with utilities and real estate making the most losses while energy and consumer discretionary shares led the gains. The Dow Industrial Average declined 0.27% to 45,757.90, the S&P 500 shed 0.13% to 6,606.76 and the Nasdaq Composite slid 0.07% to 22,333.96.
The pan-European STOXX 600 slipped 1.14%, led by declines in financials, real estate and industrials stocks.
Today is more of a sideways move than anything else, said Mark Hackett, chief market strategist at Nationwide. It felt like yesterday where we had a little bit of a surge and today a little bit of a pullback. But the reality is this is all just waiting to see what happens tomorrow afternoon.
In the U.S., the central bank is expected to cut its benchmark interest rate by a quarter of a percentage point to the 4.00%-4.25% range at the end of its monetary policy meeting on Wednesday.
The yield on benchmark U.S. 10-year notes dropped 0.6 points to 4.028%. The 2-year note yield, which typically moves in step with interest rate expectations for the bank, shed 2.6 basis points to 3.51%.
You’ve had a really incredible run in the past couple of weeks: five out of the last six weeks positive, record highs pretty much across the board. To me this is just a pause and a sideways, wait-and-see movement rather than a significant drop, Hackett said.
Comments (0)
Average Rating: No ratings yet/5 (0 reviews)
No comments yet. Be the first to comment!