(Bloomberg) — Stocks fell with American equity futures as investors await key U.S. jobs data at the end of a week in which fears of a growth break-out sparked volatility across markets. Treasuries rose and the dollar advanced.
Declines among travel and leisure firms led Europe’s Stoxx 600 lower. Equity futures in the U.S. slipped, with contracts on the tech-heavy Nasdaq 100 signaling further losses after a topsy-turvy week that erased this year’s gains. Ten-year Treasuries stabilized, with their yields down two basis points to 1.54%.
Oil prices leaped after the OPEC+ alliance surprised traders with its decision to keep output unchanged. West Texas Intermediate crude rose above $65 a barrel for the first time since January 2020.
Bond yields have climbed in recent weeks on mounting expectations of stronger economic growth and price pressure, with erratic moves unsettling stocks as well. The February U.S. employment report on Friday will give a much-needed update on the speed and direction of the country’s labor-market recovery.
“It makes logical and intuitive sense that Treasury yields should move back up to 1.50% or 2%, but we are concerned with the rest of the market about the speed at which it’s getting there,” said Mona Mahajan, investment strategist at Allianz Global Investors LLC.
Treasuries were whipsawed Thursday on disappointment that Federal Reserve Chair Jerome Powell offered no specific course of action to rein in long-term rates. Meanwhile, the U.S. Senate voted to take up a $1.9 trillion relief bill backed by President Joe Biden, with approval expected on the weekend.
Powell Sends Dovish Message That Leaves Bond Market Disappointed
These are some of the main moves in markets:
Stocks
Futures on the S&P 500 Index decreased 0.3% as of 10:05 a.m. London time.The Stoxx Europe 600 Index fell 0.5%.The MSCI Asia Pacific Index declined 0.7%.The MSCI Emerging Market Index fell 0.8%.
Currencies
The Bloomberg Dollar Spot Index gained 0.4%.The euro dipped 0.3% to $1.193.The British pound fell 0.5% to $1.3823.The onshore yuan weakened 0.2% to 6.483 per dollar.The Japanese yen weakened 0.4% to 108.45 per dollar.
Bonds
The yield on 10-year Treasuries declined two basis points to 1.55%.The yield on two-year Treasuries declined one basis point to 0.13%.Germany’s 10-year yield increased one basis point to -0.30%.Japan’s 10-year yield sank four basis points to 0.096%.Britain’s 10-year yield advanced three basis points to 0.762%.
Commodities
West Texas Intermediate crude increased 2.3% to $65.29 a barrel.Brent crude gained 2.6% to $68.45 a barrel.Gold weakened 0.2% to $1,694.89 an ounce.
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