Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Wall Street slides on tech sell-off, other world stocks flat

03/03/2021 | 04:47pm EDT
FILE PHOTO: FILE PHOTO: Trader Frank Masiello talks on his phone on Wall St. outside the NYSE in New York

NEW YORK (Reuters) - Wall Street fell on Wednesday as investors sold off technology stocks, while shares from Asia to Europe were flat, while the dollar rose even as U.S. jobs data disappointed investors and virtual curreny bitcoin jumped.

The pan-European STOXX 600 index rose 0.05% and MSCI's gauge of stocks across the globe shed 0.68%.

"We're seeing a lot of what we've seen over the past week or so, that is markets being stymied to some extent by rising interest rates," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

The Dow Jones Industrial Average fell 119.98 points, or 0.38%, to 31,271.54, the S&P 500 lost 50.51 points, or 1.31%, to 3,819.78 and the Nasdaq Composite dropped 361.04 points, or 2.7%, to 12,997.75.

Equities retreated as benchmark U.S. Treasury yields moved higher after declining for three straight days.

High-flying technology shares sold off as investors pivoted to sectors more likely to benefit as the economy recovers due to fiscal stimulus and vaccinations.

Emerging market stocks rose 1.30%. MSCI's broadest index of Asia-Pacific shares outside Japan closed 1.42% higher, while Japan's Nikkei rose 0.51%.

The U.S. economy's modest recovery continued over the first weeks of this year, with businesses optimistic and housing demand "robust," with slow improvement in the job market, the Federal Reserve reported.

Other data showed U.S. services industry activity unexpectedly slowed in February due to winter storms, while private payrolls increased less than expected as manufacturing and construction jobs declined.

Investors were growing optimistic that U.S. stimulus will soon energize the global economy. The U.S. Senate was set to open debate on President Joe Biden's $1.9 trillion coronavirus relief package, with Democrats eager to pass it soon.

UK Finance minister Rishi Sunak delivered what he hopes will be a last big spending splurge to get Britain's economy through the COVID-19 crisis, and announced a corporate tax hike starting in 2023 to bolster public finances.

Longer-term U.S. Treasury yields rose as investors looked toward comments from Federal Reserve Chair Jerome Powell on Thursday for signs the central bank was set to acknowledge the risk of a rapid rise in rates.

The benchmark 10-year note was poised to snap a three-day streak of declines following a jump to a one-year high of 1.614 percent last week, with many Fed officials having downplayed the rise in recent days.

Benchmark 10-year notes last fell 15/32 in price to yield 1.467%, from 1.415% late on Wednesday.

Euro zone government bond yields rose again on doubts about whether the bloc's central bank will step in to curb the recent sharp increase, while data reflected optimism about economic recovery.

Although yields have dipped from their highs, pressure remains, with Germany's 10-year Bund yield, the benchmark for the region, rising 5 basis points to -0.29%. It remained far below its Feb. 26 spike of -0.203%.

The dollar gained as investors priced for strong U.S. growth relative to other regions, while the safe-haven Japanese yen continued to weaken to a seven-month low.

The dollar index rose 0.157%, with the euro down 0.21% to $1.2064.

Bitcoin hit $52,652, the highest in a week. It was last up 4.1% at $50,533.

Spot gold dropped 1.3% to $1,715.40 an ounce. U.S. gold futures fell 0.85% to $1,715.30 an ounce.

Oil prices rose, boosted by expectations that OPEC+ producers might decide against increasing output.

U.S. crude recently rose 2.44% to $61.21 per barrel and Brent was at $64.04, up 2.14% on the day.fell 0.85

(Reporting by Suzanne Barlyn; Editing by David Gregorio)

By Suzanne Barlyn


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / EURO (AUD/EUR) 0.36% 0.64678 Delayed Quote.2.45%
BITCOIN - EURO 0.13% 47348.56 Real-time Quote.117.55%
BITCOIN - UNITED STATES DOLLAR 0.50% 56788.73 Real-time Quote.112.95%
CANADIAN DOLLAR / EURO (CAD/EUR) -0.13% 0.66648 Delayed Quote.3.71%
DJ INDUSTRIAL 0.48% 34200.67 Delayed Quote.11.74%
DOW JONES FXCM DOLLAR INDEX 0.05% 11745.6 Delayed Quote.0.93%
EURO / US DOLLAR (EUR/USD) 0.45% 1.20242 Delayed Quote.-1.90%
FLYING TECHNOLOGY CO., LTD. 2.77% 7.78 End-of-day quote.-23.27%
GOLD 0.58% 1786.875 Delayed Quote.-6.43%
LONDON BRENT OIL 0.48% 66.7 Delayed Quote.29.19%
NASDAQ 100 0.11% 14041.908091 Delayed Quote.8.95%
NASDAQ COMP. 0.10% 14052.342146 Delayed Quote.9.03%
NIKKEI 225 0.01% 29685.37 Real-time Quote.8.16%
S&P 500 0.36% 4185.47 Delayed Quote.11.43%
STOXX EUROPE 600 0.17% 443.17 Delayed Quote.10.89%
STOXX EUROPE 600 NR 0.24% 983.89 Delayed Quote.11.61%
THE CHARLES SCHWAB CORPORATION -1.16% 64.74 Delayed Quote.22.06%
WTI 0.52% 63.099 Delayed Quote.31.44%
Latest news "Economy & Forex"
05:13aDelfas leaves UK financial watchdog for Financial Ombudsman Service
RE
05:13aThailand's Gulf Energy plans $5.4 bln bid for control of nation's biggest mobile operator
RE
05:08aECB finds top euro zone banks underreport risk
RE
05:06aMore Irish-British trade diverted via Northern Ireland post-Brexit - port boss
RE
05:03aAbu Dhabi's G42 forms big data JV with Israeli defence company Rafael
RE
05:03aAbu dhabi's g42 forms big data jv with israeli defence company rafael - statement
RE
05:00aSterling rises to two-week high vs dollar ahead of data heavy calendar
RE
04:55aEXCLUSIVE : Britain's Kantar nears $1.5 billion deal to buy Vista-backed Numerator, says source
RE
04:54aFuelled by China, auto supplier Faurecia sees robust Q2 growth
RE
04:42aBank of England to assess case for UK digital currency
RE
Latest news "Economy & Forex"