Stocks edge lower as dollar heads for weekly loss
SPY•Global stocks edged lower as markets steadied after a tech-led selloff, while the dollar was headed for its first weekly loss in five weeks. The S&P 500 fell 0.61% and the Nasdaq lost 1.3%; U.S. 10-year Treasury yields fell 0.17 basis points to 5.085%.
1. U.S. stocks decline
The S&P 500 and Nasdaq fell and were headed for weekly losses, while the Dow was nearly flat and set for a weekly gain. Technology and communication services led declines, while utilities and consumer staples gained. CoreWeave shares dropped 9% and were on track to lose nearly 23% for the week as investors scrutinized financing for AI infrastructure.
2. Dollar and bonds
The dollar index fell 0.23% and was headed for its first weekly decline in five weeks as lower Treasury yields reduced its appeal. The yield on benchmark U.S. 10-year notes fell 0.17 basis points to 5.085%; G7 government bond markets were on course for their strongest weekly performance since late May.
3. Global market moves
The MSCI World Equity Index fell 0.10%, while European shares rose, with the STOXX 600 up 0.67%. Brent crude gained 0.85% to $106.83 a barrel, and gold rose 0.17% to about $4,177.14 an ounce.
