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(Bloomberg) -- U.S. stocks turned lower in mid-morning on concern a fiscal aid package may be delayed, while European shares dipped as investors weighed tougher lockdowns to control the pandemic.Energy and materials shares were among the worst performers on the S&P 500 Index after the top Senate Democrat said lawmakers would try to pass stimulus in a month at the earliest. The Nasdaq 100 joined the decline ahead of earnings reports due from some of the biggest tech names. GameStop Corp. extended its extreme rally, more than doubling at one point.The picture was more negative in Europe, with equity benchmarks in France, Spain and the U.K. turning lower. The Stoxx 600 Travel & Leisure index lost 2% amid news France may go into another lockdown, the U.K. may tighten border controls and as Israel moved to bar foreign flights from entering the country.The S&P 500 is coming off its best week since November, and investors are looking for fresh catalysts to push the index higher or at least justify current valuations. That could come from a slate of earnings reports due this week that will shed light on how the biggest tech companies are faring and whether retailers, travel companies and restaurants are seeing any meaningful pickup in business.“You’ve got 65% of market cap reporting in the next two weeks,” Stuart Kaiser, head of derivatives research at UBS Group AG, said in a Bloomberg Television interview. “The market had rotated into cyclical/value stocks at the end of last year and early into this year, and as earnings have started, I think they’ve been sort of reminded why they liked the leaders to begin with from last year.”In Asia, stocks gained. Chinese internet firm Tencent Holdings Ltd. jumped 11%, the biggest gain since 2011, as mainland traders sparked a buying frenzy.Elsewhere in markets, crude oil in New York traded near $52 a barrel and the dollar gained. Sovereign bond yields dipped while Bitcoin rebounded above $34,000.These are some key events coming up in the week ahead:Microsoft Corp., Apple Inc., Tesla Inc., Facebook Inc., UBS Group AG and Samsung Electronics Co. are among companies reporting results.Data on U.S. home prices and consumer confidence come Tuesday.The Federal Open Market Committee monetary policy decision and briefing by Chair Jerome Powell are scheduled for Wednesday.Fourth-quarter GDP, initial jobless claims and new home sales are among U.S. data releases Thursday.U.S. personal income, spending and pending home sales come Friday.These are the main moves in markets:StocksThe S&P 500 Index fell 1.1% as of 11:09 a.m. New York time.The Stoxx Europe 600 Index declined 1.1%.The MSCI Asia Pacific Index advanced 0.8%.The MSCI Emerging Market Index climbed 1%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.4%.The euro decreased 0.4% to $1.2121.The British pound fell 0.2% to $1.3653.The Japanese yen was little changed at 103.81 per dollar.BondsThe yield on 10-year Treasuries declined five basis points to 1.04%.Germany’s 10-year yield decreased four basis points to -0.55%.Britain’s 10-year yield fell five basis points to 0.26%.CommoditiesWest Texas Intermediate crude fell 0.4% to $52.04 a barrel.Gold fell 0.3% to $1,850.44 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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