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Stocks slip, reversing early gains; U.S. oil settles lower

Published 12/02/2021, 07:11 am
Updated 12/02/2021, 07:12 am
© Reuters.
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* U.S. stocks lower in afternoon trading

* MSCI global equity index near flat

(Updates throughout, adds US oil settlement)

By Caroline Valetkevitch

NEW YORK Feb 11 (Reuters) - Global equity indexes were mostly lower on Thursday, reversing earlier gains, with the S&P 500 dragged down by losses in Apple AAPL.O and Amazon.com AMZN.O , while a drop in oil prices weighed on energy shares.

Oil prices fell following a streak of strong gains after both OPEC and the International Energy Agency said renewed lockdowns and the emergence of new coronavirus variants reduced the prospect of a swift demand recovery. U.S. crude CLc1 slid 44 cents to settle at $58.24 a barrel.

The S&P 500 energy sector .SPNY was down more than 2%, adding to the day's weakness.

U.S.-listed shares of cannabis companies reversed premarket gains to drop sharply after the sector caught the attention of Reddit-inspired retail investors this week. Tilray TLRY.O was last down more than 45%.

Investors continued to digest a dovish Federal Reserve outlook. Fed Chairman Jerome Powell reassured investors on Wednesday that interest rates will remain low for some time to spur the economy and jobs growth, but provided no new insights on monetary policy. long as the economic news is difficult the Fed is going to continue to act, which will prop up the stock market," said Sandy Villere, portfolio manager at Villere & Co in New Orleans, Louisiana.

The Dow Jones Industrial Average .DJI fell 115.2 points, or 0.37%, to 31,322.6, the S&P 500 .SPX lost 9.34 points, or 0.24%, to 3,900.54 and the Nasdaq Composite .IXIC dropped 12.75 points, or 0.09%, to 13,959.78.

The pan-European STOXX 600 index .STOXX rose 0.46% and MSCI's gauge of stocks across the globe .MIWD00000PUS gained 0.01%.

In the cryptocurrency market, bitcoin hit another record of $48,481.45 BTC=BTSP , as it continues its march toward the $50,000 mark. It was last up 6.3% at $47,685.

The dollar slipped in quiet trading, weighed down by slightly weaker-than-expected U.S. jobless claims data that followed tepid inflation numbers and the dovish message from the Fed the previous session. dollar index =USD fell 0.003%, with the euro EUR= up 0.09% to $1.2127.

Benchmark U.S. Treasury yields held below recent highs. Investors continued to absorb disappointing inflation data from the previous day.

Benchmark 10-year notes US10YT=RR last fell 2/32 in price to yield 1.1582%, from 1.152% late on Wednesday.

Spot gold XAU= dropped 1.1% to $1,821.81 an ounce.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Asia stock markets

https://tmsnrt.rs/2zpUAr4 Asia-Pacific valuations

https://tmsnrt.rs/2Dr2BQA MSCI world stock index cruising at record highs

https://tmsnrt.rs/3qaUqvu World FX rates

http://tmsnrt.rs/2egbfVh

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

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