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Stocks dip while U.S. crude gains on China hopes

11/29/2022 | 03:33pm EST

(Updates prices)


Wall Street equities, MSCI global index in the red


Oil prices rebound on China hopes


Dollar makes a little progress in choppy session


U.S. 10-year Treasury yields rise

NEW YORK/LONDON, Nov 29 (Reuters) -

Wall Street lost ground on Tuesday as investors awaited guidance on the Federal Reserve's interest rate hiking path, while U.S. oil futures settled higher on hopes that China would loosen COVID-19 restrictions that had fueled fears about the global economy.

The Australian dollar bounced back on Tuesday as investors hoped China would ease COVID restrictions after Chinese health officials discussed speeding up COVID vaccinations for elderly people. The yen strengthened against the dollar, and the euro lost ground.

U.S. Treasury trading was choppy ahead of a slew of data due later in the week and after a survey released on Tuesday showed that U.S. consumer confidence eased further in November amid persistent worries about the rising cost of living.

Richmond Federal Reserve Bank President Thomas Barkin on Monday doused speculation the U.S. central bank would reverse course on interest rates relatively quickly next year in comments made late on Monday.

After similar messages from other Fed officials on Monday, investors were warily awaiting Wednesday's appearance by Fed Chair Jerome Powell, who earlier this month had dashed hopes of policy easing when he spoke to reporters after a Fed meeting.

"Investors rare hedging against what could be a hawkish reiteration of his press conference comment. That could cast some cold water over recent market rallies," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.

However, weakening consumer confidence may have marginally helped to soften Treasury yields, weaken the dollar and boost stocks as investors viewed it as "ammunition for the Fed to soften its hawkish impulse," the strategist added.

The Dow Jones Industrial Average fell 50.35 points, or 0.15%, to 33,799.11, the S&P 500 lost 12.5 points, or 0.32%, to 3,951.44 and the Nasdaq Composite dropped 79.10 points, or 0.72%, to 10,970.40.

The pan-European STOXX 600 index closed down 0.13% while MSCI's gauge of stocks across the globe shed 0.09%.

U.S. Treasury yields rose in choppy trading as investors waited for upcoming data including third-quarter U.S. data on gross domestic product (GDP), Chicago manufacturing numbers, factory activity based on the Institute for Supply Management and non-farm payrolls for November due out Friday.

Benchmark 10-year notes were up 4.4 basis points to 3.746%, from 3.702% late on Monday. The 30-year bond was last up 5.4 basis points to yield 3.8032%, from 3.749%. The 2-year note was last was up 0.2 basis points to yield 4.4732%, from 4.471%.

"It's going to be a busy second half of the week with all the data points we're expecting. But the main focus will be on inflation and jobs," said Subadra Rajappa, head of U.S. rates strategy, at Societe Generale in New York.

The dollar index rose 0.188%, with the euro down 0.12% to $1.0325.

The Japanese yen strengthened 0.22% versus the greenback at 138.63 per dollar, while sterling was last trading at $1.1951, down 0.06% on the day.

The Aussie was last up 0.53% against the dollar after earlier rising as much as 1.4%.

Oil prices climbed on hopes for a relaxation of China's strict COVID-19 controls, which had fueled demand concerns.

U.S. crude futures settled up 1.24% at $78.20 per barrel while Brent finished at $83.03, down 0.2%.

Gold prices rose with help from the dollar's retreat and hopes for less aggressive U.S. rate hikes going forward.

Spot gold added 0.5% to $1,750.10 an ounce. U.S. gold futures gained 0.50% to $1,749.00 an ounce.

(Reporting by Sinéad Carew, Gertrude Chavez-Dreyfuss in New York, Tom Wilson in London and Wayne Cole in Sydney; Editing by Susan Fenton, Lisa Shumaker and Chizu Nomiyama)

ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) -0.06% 0.94785 Delayed Quote.1.71%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) 0.06% 0.64869 Delayed Quote.1.97%
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) 0.14% 91.982 Delayed Quote.2.67%
AUSTRALIAN DOLLAR / NEW ZEALAND DOLLAR (AUD/NZD) -0.20% 1.09456 Delayed Quote.2.12%
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) 0.07% 0.64867 Delayed Quote.2.68%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.08% 0.71391 Delayed Quote.3.48%
BRENT OIL -0.06% 82.92 Delayed Quote.-0.55%
BRITISH POUND / AUSTRALIAN DOLLAR (GBP/AUD) -0.05% 1.73291 Delayed Quote.-1.68%
BRITISH POUND / EURO (GBP/EUR) -0.10% 1.12434 Delayed Quote.0.32%
BRITISH POUND / JAPANESE YEN (GBP/JPY) 0.08% 159.41 Delayed Quote.0.95%
BRITISH POUND / US DOLLAR (GBP/USD) -0.13% 1.23729 Delayed Quote.1.76%
CANADIAN DOLLAR / AUSTRALIAN DOLLAR (CAD/AUD) 0.05% 1.054919 Delayed Quote.-1.67%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.05% 0.684528 Delayed Quote.0.33%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) 0.20% 97.034 Delayed Quote.1.05%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.06% 0.7527 Delayed Quote.1.80%
DOW JONES FXCM DOLLAR INDEX 0.05% 12645.28 Real-time Quote.-1.06%
DOW JONES INDUSTRIAL 0.02% 34092.96 Real-time Quote.2.83%
EURO / AUSTRALIAN DOLLAR (EUR/AUD) 0.00% 1.54107 Delayed Quote.-1.90%
EURO / JAPANESE YEN (EUR/JPY) 0.15% 141.768 Delayed Quote.0.68%
EURO / US DOLLAR (EUR/USD) -0.06% 1.1003 Delayed Quote.1.48%
GOLD 0.21% 1957.33 Delayed Quote.5.69%
INDIAN RUPEE / AUSTRALIAN DOLLAR (INR/AUD) -0.37% 0.017074 Delayed Quote.-2.30%
INDIAN RUPEE / EURO (INR/EUR) -0.51% 0.01108 Delayed Quote.-0.36%
INDIAN RUPEE / JAPANESE YEN (INR/JPY) -0.41% 1.572376 Delayed Quote.0.31%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.34% 0.012196 Delayed Quote.1.10%
JAPANESE YEN / SWISS FRANC (JPY/CHF) 0.00% 0.7051 Delayed Quote.-0.04%
NASDAQ COMPOSITE 2.00% 11816.32 Real-time Quote.12.90%
NEW ZEALAND DOLLAR / JAPANESE YEN (NZD/JPY) 0.35% 84.023 Delayed Quote.0.59%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.14% 0.65219 Delayed Quote.1.40%
STOXX EUROPE 600 (EUR) 0.88% 457.1 Delayed Quote.6.64%
STOXX EUROPE 600(EUR)(TR) 0.88% 1056.89 Delayed Quote.6.71%
US DOLLAR / AUSTRALIAN DOLLAR (USD/AUD) 0.06% 1.400501 Delayed Quote.-3.37%
US DOLLAR / EURO (USD/EUR) 0.06% 0.908843 Delayed Quote.-1.46%
US DOLLAR / JAPANESE YEN (USD/JPY) 0.21% 128.844 Delayed Quote.-0.76%
WTI 0.04% 76.732 Delayed Quote.-1.72%
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