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U.S. stocks fall after recent big gains; oil, yields rise

Economy Jun 27, 2022 05:27PM ET
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2/2 © Reuters. FILE PHOTO: Pedestrians wearing protective masks are reflected on an electronic board displaying various company’s stock prices outside a brokerage in Tokyo, Japan, February 25, 2022. REUTERS/Kim Kyung-Hoon 2/2

By Caroline Valetkevitch

NEW YORK (Reuters) - U.S. stocks ended a volatile trading session slightly lower on Monday after posting sharp gains the week before, while oil prices and Treasury yields rose.

Oil climbed following last week's rout, as the Group of Seven nations promised to tighten the squeeze on Russia's finances with new sanctions that include a plan to cap the price of Russian oil.

Investors have been hoping oil's slide from three-month peaks hit earlier in June could ease overall inflation concerns and allow the U.S. Federal Reserve to tighten policy less aggressively than initially feared.

Still, data on Monday showed new orders for U.S.-made capital goods and shipments increased solidly in May, pointing to sustained strength in business spending on equipment in the second quarter.

Stocks moved between gains and losses during the session on Wall Street, with big growth shares leading the way down.

"It's not shocking given we're in a bear market that last week was a good week and this week is turning out to be a bad week," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma, which has about $50 million in assets under management.

But given recent strong selloffs, "flat to down a little is progress," he said.

The S&P 500 earlier this month confirmed it is in a bear market.

The Dow Jones Industrial Average fell 62.42 points, or 0.2%, to 31,438.26, the S&P 500 lost 11.63 points, or 0.30%, to 3,900.11 and the Nasdaq Composite dropped 83.07 points, or 0.72%, to 11,524.55.

The pan-European STOXX 600 index rose 0.52% and MSCI's gauge of stocks across the globe gained 0.31%.

A further easing of COVID-19 restrictions in China helped to support global indexes.

Treasury yields climbed after the capital and durable goods orders surprised to the upside, but the sale of two- and five-year notes was weak.

The 10-year note rose 7 basis points to 3.194% and the two-year's yield, which can herald rate expectations, gained 6.9 basis points to 3.126%.

Brent crude futures settled up $1.97, or 1.7%, at $115.09 a barrel, while U.S. West Texas Intermediate crude closed up $1.95, or 1.8%, at $109.57.

In foreign exchange, Russia's rouble was volatile as Russia defaulted on its international bonds for the first time in more than a century, the White House and Moody's (NYSE:MCO) credit agency said.

Also, the U.S. dollar edged lower versus its major rivals as investors weighed expectations on inflation and rate hikes. The euro was helped by expectations that the European Central Bank will soon raise interest rates for the first time in more than a decade.

The dollar index fell 0.058%, with the euro up 0.23% to $1.0578.

Cryptocurrencies stumbled. Bitcoin last fell 0.59% to $20,905.04.

Spot gold dropped 0.2% to $1,822.89 an ounce.

U.S. stocks fall after recent big gains; oil, yields rise
 

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Comments (10)
Marco cuevas
Marco cuevas Jun 27, 2022 12:36PM ET
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It's feast or famine hedge funds...it's either cut executive pay or fire worker bees...hmm let me guess who's gonna ger canned. As market continues to struggle hedge funds will have to start layoofs...no more SUB sandwiches for you at New York traders.
Kerry Ditto
Kerry Ditto Jun 27, 2022 12:35PM ET
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Fed should be clear that they are targeting stock price inflation, the worst kind of inflation.
Dave Jones
Dave Jones Jun 27, 2022 10:53AM ET
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Markets rise as markets rise due to rising markets....
Marco cuevas
Marco cuevas Jun 27, 2022 10:47AM ET
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When headlines don't match market sentiment it just clarifies are argument that financial journalism is just another firm of market manioulation...FRAUD.
Kerry Ditto
Kerry Ditto Jun 27, 2022 8:54AM ET
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100 bp hike is likely in July. Economy does not feel rate hikes so far at all. Stronger dosages are needed.
Imre Zsombor Varga
Imre Zsombor Varga Jun 27, 2022 6:24AM ET
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The G7 is a very exciting economic super reward, and I am pleased with the German-US cooperation. It will explode in the economy and in Europe .sp500 8000 2022 USA + EU GL nice
شوقي محمد
شوقي محمد Jun 27, 2022 2:12AM ET
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Johnny Crash
Johnny Crash Jun 27, 2022 12:53AM ET
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Lol, as if oil is the only inflationary element. What about food prices surging 20%?
Kelly Mayer
Kelly Mayer Jun 27, 2022 12:53AM ET
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Dont forget cars. And record home sales.
Raymond Van Der Westhuizen
Raymond Van Der Westhuizen Jun 27, 2022 12:53AM ET
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Take a guess why food prices rise?
Lio Gutierrez
Lio Gutierrez Jun 27, 2022 12:53AM ET
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The transportation of food requires trucks which use fuel it's all connected.
Lio Gutierrez
Lio Gutierrez Jun 27, 2022 12:53AM ET
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And also farmers use alot of fuel the increased cost of fuel is just passed onto the consumer and everyone is affected by the inflation in someway.
Robert Cox
Robert Cox Jun 27, 2022 12:53AM ET
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And also Ukraine is a major exporter of food stuffs. War = no food stuffs = inflation.
Dennis Wozny
Dennis Wozny Jun 26, 2022 11:54PM ET
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LGB
Can Can
Can Can Jun 26, 2022 10:47PM ET
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Oil cools off? Where.. Raises continuously
Stan Smith
Stan Smith Jun 26, 2022 10:47PM ET
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Need fabricated cover for the FED pumps
 
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