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Stocks Ease Off Record Highs With Virus in Focus: Markets Wrap

Claire Ballentine
·2 min read
Stocks Ease Off Record Highs With Virus in Focus: Markets Wrap
Stocks Ease Off Record Highs With Virus in Focus: Markets Wrap

(Bloomberg) -- Stocks pulled back from record highs as investor focus turned to the surge in virus cases and new lockdown measures, overshadowing optimism that Covid-19 vaccines will eventually end the pandemic.

Pharmacy chains were among the worst performers on the S&P 500 Index after Amazon.com Inc. unveiled a new push into prescription drugs. Tesla Inc. jumped on news the carmaker will join the benchmark U.S. gauge. Treasury yields dipped along with the dollar as Federal Reserve Chair Jerome Powell said the U.S. economy still has a “long way to go” before it fully recovers from the pandemic.

Investors are taking a pause after sending stocks to all-time highs Monday in the wake of news that Moderna Inc.’s vaccine was shown to be 94.5% effective in a clinical trial. Wide distribution of a shot is still months away, and cases are spreading quickly in the U.S. and Europe. Chancellor Angela Merkel warned that the situation in Germany remains “very serious,” while Ohio, Illinois and Pennsylvania announced new restrictions tied to the virus.

“Markets find themselves in a seemingly awkward moment as they attempt to weigh the near-term Covid trends and the potential for a very tough few months for the economy against the optimism and progress around vaccine development,” said Yousef Abbasi, global market strategist at StoneX.

Elsewhere, Asian stocks were slightly higher. In Europe, travel and leisure companies led declines as more lockdown rules were announced. The pound rose on signs the U.K. and European Union are nearing a breakthrough on Brexit as early next week.

Here are some events to watch out for this week:

Brexit talks look set to continue as the U.K. and EU approach the latest deadline.Bloomberg New Economy Forum virtually convenes global leaders to discuss trade, growing political populism, climate change, and the pandemic. Through Nov. 19.Bank Indonesia rate decision Thursday.

These are the main moves in markets:

Stocks

The S&P 500 Index fell 0.5% as of 4 p.m. New York time.The Stoxx Europe 600 Index declined 0.2%.The MSCI Asia Pacific Index climbed 0.2%.The MSCI Emerging Market Index fell 0.1%.

Currencies

The Bloomberg Dollar Spot Index decreased 0.2%.The euro increased 0.1% to $1.1864.The British pound advanced 0.4% to $1.3251.The Japanese yen strengthened 0.4% to 104.2 per dollar.

Bonds

The yield on 10-year Treasuries sank four basis points to 0.87%.Germany’s 10-year yield declined two basis points to -0.56%.Britain’s 10-year yield fell two basis points to 0.32%.

Commodities

West Texas Intermediate crude rose 0.1% to $41.38 a barrel.Gold fell 0.4% to $1,881.34 an ounce.

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