(Bloomberg) — Stocks bounced after briefly breaching a key technical level, but a three-week stretch of high volatility in US assets showed no sign of abating. The dollar fell amid fresh tariff threats by President Donald Trump and bond yields rose.
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Equities pushed away from session lows after Ukraine said it’s ready to accept a US proposal for a 30-day truce in Russia’s war. The S&P 500 erased a slide that topped 1.5% earlier in the session, with the gauge briefly breaching the threshold of a technical correction. A rally in big tech — which bore the brunt of Monday’s selloff led the rebound. Tesla Inc. jumped 5% while Nvidia Corp. led gains in chipmakers.
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“Even if the majority of this drawdown is potentially behind us, volatility may not be, and there’s a good chance the market could chop sideways for a while,” said Daniel Skelly, head of Morgan Stanley’s Wealth Management Market Research & Strategy Team.
The S&P 500 was little changed. The Nasdaq 100 rose 0.7%. The Dow Jones Industrial Average fell 0.6%.
The yield on 10-year Treasuries advanced seven basis points to 4.29% The Bloomberg Dollar Spot Index fell 0.5%.
Key events this week:
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Canada rate decision, Wednesday
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US CPI, Wednesday
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Eurozone industrial production, Thursday
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US PPI, initial jobless claims, Thursday
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US University of Michigan consumer sentiment, Friday
Some of the main moves in markets:
Stocks
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The S&P 500 was little changed as of 2:44 p.m. New York time
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The Nasdaq 100 rose 0.7%
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The Dow Jones Industrial Average fell 0.6%
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The MSCI World Index fell 0.2%
Currencies
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The Bloomberg Dollar Spot Index fell 0.5%
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The euro rose 1% to $1.0942
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The British pound rose 0.7% to $1.2965
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The Japanese yen fell 0.4% to 147.84 per dollar
Cryptocurrencies
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Bitcoin rose 4.5% to $82,874.76
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Ether rose 4.2% to $1,947.17
Bonds
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The yield on 10-year Treasuries advanced seven basis points to 4.29%
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Germany’s 10-year yield advanced six basis points to 2.90%
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Britain’s 10-year yield advanced three basis points to 4.67%
Commodities
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West Texas Intermediate crude rose 0.6% to $66.40 a barrel
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Spot gold rose 1% to $2,918.54 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from John Viljoen, Sujata Rao and Aya Wagatsuma.
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