Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Stocks fall as tech shares weigh; gold rises to more than 3-month high

Stock MarketsMay 17, 2021 07:01PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. A man wearing a protective face mask walks past a screen displaying a graph showing recent Nikkei share average movements outside a brokerage, amid the coronavirus disease (COVID-19) outbreak, in Tokyo, Japan December 30, 2020. REUTERS/Issei Kato 2/2

By Caroline Valetkevitch

NEW YORK (Reuters) - Stock indexes edged lower globally on Monday, with technology shares weighing the most on the benchmark U.S. S&P 500 index, while gold prices hit their highest in more than three months as investors sought safety.

U.S. Treasury yields, however, traded little changed even after a report showing the highest prices ever paid in a May manufacturing survey for New York State.

The Empire State Manufacturing Survey, produced by the New York Fed, showed the prices paid index rose to a record 83.5, the highest since the data series began in 2001, said Tom Simons, money market economist at Jefferies (NYSE:JEF) & Co.

The S&P 500 technology sector was down 0.7% and the biggest drag on the benchmark index. Wall Street's declines also follow the S&P 500's biggest one-day jump in more than a month on Friday.

While the week is expected to be relatively quiet for economic data, investors will be anxious to see minutes on Wednesday from the Federal Reserve's policy meeting last month, which could shed more light on the policymakers' outlook on an economic rebound.

"The Fed has been pretty consistent in its message that it's going to be quite tolerant of inflation, it's not going to cause them to raise rates prematurely or pull back on asset purchases," Simons said.

The spread of the coronavirus was also a drag in some markets, with Singapore reporting the highest number of local infections in months and Taiwan seeing a spike in cases.

The Dow Jones Industrial Average fell 54.34 points, or 0.16%, to 34,327.79, the S&P 500 lost 10.56 points, or 0.25%, to 4,163.29 and the Nasdaq Composite dropped 50.93 points, or 0.38%, to 13,379.05.

The pan-European STOXX 600 index lost 0.05% and MSCI's gauge of stocks across the globe shed 0.09%.

In the Treasury market, the yield on benchmark 10-year U.S. Treasury notes was near flat at 1.65%, well below a spike to 1.77% in late March.

The dollar weakened slightly as inflation worries supported riskier currencies at the greenback's expense.

The dollar index fell 0.082%, with the euro unchanged at $1.2151.

Bitcoin dropped to a three-month low after Tesla (NASDAQ:TSLA) Inc boss Elon Musk suggested over the weekend that the electric automaker may have already sold some of its holdings in the digital currency.

Oil prices climbed. Brent crude rose 1.1% to settle at $69.46 a barrel, while West Texas Intermediate (WTI) crude gained 1.4% to settle at $66.27.

Spot gold jumped 1.3% to $1,866.84 per ounce, after hitting its highest since Feb. 1 at $1,868.26.

Stocks fall as tech shares weigh; gold rises to more than 3-month high
 

Related Articles

NFL explores strategic partnership for media assets
NFL explores strategic partnership for media assets By Reuters - Jun 23, 2021 1

(Reuters) -The National Football League (NFL) said on Wednesday it was exploring strategic options for its media assets including partnerships with "interested parties", months...

3 Top Energy Stocks That Pay High Dividends
3 Top Energy Stocks That Pay High Dividends By StockNews - Jun 23, 2021

Investors are focusing on high-dividend stocks as a stable source of income amid the near-zero interest rate environment. As such, with the energy sector rebounding rapidly, we...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Dorian Roberts
Dorian Roberts May 17, 2021 9:37AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Good information and a good assessment of the current situation.
Investing Man
Investing Man May 17, 2021 2:11AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
China raises prices of everything they are paid to assemble, russia and saudi arabia collude to push up fuel price, hamas attacks israel. All these destabilizing events are probably unrelated.... probably
Khairul Amirin
Khairul Amirin May 17, 2021 2:11AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
israel attack hamas..know the facts right
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email