(Bloomberg) -- U.S. stocks swung between gains and losses, while energy companies were mostly positive as crude oil extended a rally to a six-week high. Industrial metals rose, with aluminum reaching $3,000 a ton in London for the first time in 13 years amid supply disruptions.
The S&P 500 fluctuated, while the Nasdaq 100 remained in negative territory after the indexes ended last week in the red. OPEC predicted stronger demand for its crude on a combination of rising global fuel consumption and output disruptions elsewhere.
“Since the beginning of last week, realism has started to set into global equity markets as a long list of shocks percolate through the markets leading to an accelerated slowdown in economic activity in the U.S., a more subdued rebound in Europe and an unknown slowdown in China where the regulatory crackdown and its impact on investments are yet to be measured.” Sebastien Galy, a senior macro strategist at Nordea Investment, wrote in a note to clients.
The dollar was little changed and Treasury yields retreated ahead of critical inflation data that traders will use to assess expectations about the timing of stimulus withdrawal and interest-rate hikes. A report on Tuesday may show consumer prices in the U.S. moderated in August.
Elsewhere, Chinese technology shares tumbled after a report that officials are seeking to break up Ant Group Co.’s Alipay. The country’s online platforms were also told to protect the rights of workers in the so-called gig economy. MSCI Inc.’s Asia-Pacific index retreated for the third time in four sessions.
Global stocks have been buoyed this year by robust earnings reports and a rapid recovery from the pandemic-induced recession. With valuations becoming stretched, sentiment soured over the past weeks, amid concerns that economic growth may stall as the delta variant of the coronavirus disrupts the anticipated return to normalcy, while inflation remains sticky. Retail and travel stocks declined.
“Current stock market valuations don’t provide enough cushion for several near-term headwinds that are on the horizon, including the potential for tax hikes, negative profit warnings from companies and upcoming Fed tapering,” said Richard Saperstein, chief investment officer at New York-based wealth management firm Treasury Partners.
In the latest tapering comments, Federal Reserve Bank of Philadelphia President Patrick Harker said he’s supportive of moving toward a tapering process “sooner rather than later,” according to a report.
Meanwhile, President Joe Biden’s $3.5 trillion tax-and-spending plan faces challenges. Democrat Senator Joe Manchin has cast doubt on the timeline for pushing Biden’s economic agenda through Congress, and proposed tax rates may be watered down to boost the chances of the package being passed.
Here are some events to watch this week:
U.S. consumer-price index, TuesdayApple product-launch event, TuesdayChina retail sales, property prices, industrial production, WednesdayQuadruple witching day for U.S. markets, Friday
For more market analysis, read our MLIV blog.
Some of the main moves in markets:
Stocks
The S&P 500 rose 0.1% as of 11:32 a.m. New York timeThe Nasdaq 100 fell 0.3%The Dow Jones Industrial Average rose 0.8%The Stoxx Europe 600 rose 0.3%The MSCI World index was little changed
Currencies
The Bloomberg Dollar Spot Index was little changedThe euro was little changed at $1.1815The British pound was little changed at $1.3846The Japanese yen was little changed at 109.96 per dollar
Bonds
The yield on 10-year Treasuries declined two basis points to 1.32%Germany’s 10-year yield was little changed at -0.33%Britain’s 10-year yield declined one basis point to 0.75%
Commodities
West Texas Intermediate crude rose 1.1% to $70.47 a barrelGold futures rose 0.2% to $1,796.10 an ounce
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