Stocks struggle amid mixed earnings; bonds gain
BNN Bloomberg
U.S. futures fluctuated and stocks in Europe retreated from a near-record on Wednesday amid mixed earnings reports, a decline in commodity prices and renewed concerns about economic growth. Bonds gained.
U.S. futures fluctuated and stocks in Europe retreated from a near-record on Wednesday amid mixed earnings reports, a decline in commodity prices and renewed concerns about economic growth. Bonds gained.
S&P 500 contracts and Nasdaq 100 futures were little changed. McDonald’s Corp. gained in pre-market trading after sales rose more than analysts’ estimates, while The Coca-Cola Co. climbed after raising profit forecasts. Microsoft Corp. and Twitter Inc. advanced close to 2 per cent on upbeat reports after Tuesday’s market close.
Mining and energy stocks led a retreat in the Stoxx Europe 600 index as prices of raw materials including aluminum and iron ore fell along with crude oil. Germany’s DAX underperformed after Europe’s biggest economy cut its 2021 growth forecast, citing the lingering effects of the pandemic and a supply squeeze. Bund yields dropped along with those on other European bonds.
Some of Wednesday’s major earnings and corporate news from Europe:
Equities fell in Japan, and Chinese technology shares slid on concerns about more scrutiny from Washington after the U.S. banned China Telecom’s American business. Treasury yields inched lower and the dollar was steady.
