Stocks fall as oil rally keeps a lid on Treasuries

Rita Nazareth / Bloomberg10-24 01:45

Investors' risk-off mood is likely to continue well into November, according to BofA's Michael Hartnett, a sign of how jitters around the AI trade and the midterm elections have held back US equities....

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Most S&P 500 firms fell even as selling pressure on tech shares abated. A gauge of chipmakers edged up, but posted its longest weekly drop since November. The Dow Jones Industrial Average slipped 1.2%. Treasuries relinquished a portion of the previous session's rally.\nInvestors' risk-off mood is likely to continue well into November, according to $Bank of America Corp(BAC-N)$'s Michael Hartnett, a sign of how jitters around the artificial-intelligence (AI) trade and the midterm elections have held back US equities.\n\"We stay tactically risk-off until mid-November,\" the strategist wrote in a note to clients on Friday. \"Expect down-in-yields, down-in-stocks, down-in US dollar trade.\"\nThe recent sell-off in AI-linked stocks is a reminder that the most popular trades tend to hurt the most when sentiment turns. When everyone owns the same story, even a small disappointment can set off a rush for the exits, according to Brian Jacobsen at Annex Wealth Management.\n\"The practical takeaway is not to abandon growth stocks, but to check whether one theme has quietly grown to dominate your portfolio after a long run,\" he said. \"Rebalancing, which means trimming what has grown too large and adding to what has lagged, is a simple way to keep risk in check without trying to predict the next move.\"\n\"Four forces explain this week's yo-yo: a solid earnings season and attractive bond yields on one side, the cost of financing and more selective sovereign stress on the other,\" said Florian Ielpo at Lombard Odier Asset Management.\nThe problem is not that equities are pricey, it's that bonds are no longer expensive, he said.\n\"The latest moves do not alter our view that robust earnings should continue to support equities,\" said Ulrike Hoffmann-Burchardi at UBS Chief Investment Office. \"AI demand remains strong, current bond yields provide attractive income, and geopolitical developments alone do not justify a broadly defensive investment stance.\"\nThe Fed has been clear that it's aware AI is boosting US demand. With inflation above target across a range of measures, leaning against that impulse through modest rate adjustments and tighter financial conditions is sensible policy, according to Tiffany Wilding at Pacific Investment Management Co.\n\"However, the economic adjustments now underway could evolve in several ways, and inflation is elevated but not accelerating,\" she said. \"This likely gives the Fed room to take a measured approach.\"\nCorporate highlights:\n\nSpaceX aims to secure a minimum of 80,000 cell sites across the US, and it's in talks with at least one major cellular infrastructure company to reach that goal, according to people familiar with the matter.\nApple Inc quickly sold out of its limited in-store inventory for the new iPhone Duo, underscoring the strong demand for a foldable device that starts at nearly US$2,000 ($2,554).\nAmerican Express Co is cutting 5% of its headcount globally as chief executive officer Steve Squeri seeks to keep a lid on the company's rising costs.\nSLB, the world's biggest oil field services provider, said it has seen a gradual recovery in its Middle East business despite disruptions from the Iran war.\nBristol Myers Squibb Co has reported a death in its clinical trials of an experimental cell therapy for autoimmune diseases, potentially adding to safety concerns about a promising new class of treatments.\n\nSome of the main moves in markets:\nStocks\n\nThe S&P 500 was down 0.5% as of 4pm New York time\nThe Nasdaq 100 was little changed\nThe Dow Jones Industrial Average fell 1.2%\nThe MSCI World Index fell 0.4%\n\nCurrencies\n\nThe Bloomberg Dollar Spot Index was little changed\nThe euro fell 0.2% to US$1.1194\nThe British pound fell 0.2% to US$1.3372\nThe Japanese yen was little changed at 156.84 per dollar\n\nCryptocurrencies\n\nBitcoin was little changed at US$81,178.51\nEther rose 0.5% to US$2,390.75\n\nBonds\n\nThe yield on 10-year Treasuries advanced five basis points to 5.00%\nGermany's 10-year yield advanced one basis point to 3.35%\nBritain's 10-year yield advanced three basis points to 5.36%\n\nCommodities\n\nWest Texas Intermediate crude rose 4.2% to US$103.63 a barrel\nSpot gold fell 0.6% to US$3,999.56 an ounce\n\nUploaded by Tham Yek Lee","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.52.0","shortVersion":"4.52.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2677190081","isCrawlerRequest":true}