Stocks Wobbly After Hitting Record; Dollar Falls

Stocks fluctuated as traders assessed whether lofty valuations can withstand the unwinding of pandemic-era stimulus. The S&P 500 edged lower after hitting its 12th all-time high in August, while European shares retreated as a governing member of the region’s central bank said it may be time to discuss the bond-buying program. Investors also sifted through data showing a drop in U.S. consumer confidence, the biggest jump in home prices in more than 30 years and signs of a slowdown in Chinese growth. The dollar declined.

American equities still headed toward their seventh straight monthly advance — the longest winning streak since January 2018 — amid a tonic of strong corporate profits and moderate monetary policy. The rally is stirring doubts, with warnings mounting over a slower economic recovery as the delta coronavirus variant delays reopenings in some parts of the world.

Stocks

The S&P 500 fell 0.1% as of 10:09 a.m. New York timeThe Nasdaq 100 fell 0.4%The Dow Jones Industrial Average was little changedThe Stoxx Europe 600 fell 0.4%The MSCI World index was little changed

Currencies

The Bloomberg Dollar Spot Index fell 0.2%The euro rose 0.2% to $1.1823The British pound rose 0.2% to $1.3781The Japanese yen rose 0.2% to 109.69 per dollar

Bonds

The yield on 10-year Treasuries was little changed at 1.27%Germany’s 10-year yield advanced four basis points to -0.40%Britain’s 10-year yield advanced nine basis points to 0.67%

Commodities

West Texas Intermediate crude fell 0.9% to $68.59 a barrelGold futures were little changed

Stocks Wobbly After Hitting Record; Dollar Falls: Markets Wrap, Bloomberg, Sep 1