Critics said stocks were rising much more quickly than expectations for corporate profits and other measures of financial health. They also pointed to risks in rising U.S.-China tensions and the possibility of second waves of coronavirus infections.
Longer-term Treasury yields were rising Thursday. That area of the market had been one of the first to warn of the coming economic devastation from the coronavirus outbreak, and it's been much more circumspect in recent weeks than the U.S. stock market.
The yield on the 10-year Treasury rose to 0.81% from 0.76% late Wednesday. It tends to move with investors' expectations for inflation and the economy's strength.
Energy stocks in the S&P 500 fell 1.5% for the largest loss among the 11 sectors that make up the index. Exxon Mobil fell 1.7%, and Chevron lost 1.5%.
Among the day's winners was Charles Schwab, which rose 0.8% after it said antitrust regulators won't block its acquisition of TD Ameritrade. The companies expect the deal to close in the second half of this year.
European stocks were weaker after the European Central Bank said it expects the region's economy to shrink 8.7% this year due to the pandemic. It also announced it was nearly doubling its rescue program to help the economy.
The French CAC 40 was down 0.4%, Germany's DAX lost 0.7% and the FTSE 100 in London dropped 0.7%.
Asian stocks were slightly stronger. Japan's Nikkei 225 rose 0.4%, South Korea's Kospi added 0.2% and the Hang Seng in Hong Kong picked up 0.2%.
A barrel of U.S. crude oil for delivery in July fell 1.4% to $36.77 per barrel. Brent crude, the international standard, fell 0.7% to $39.51 per barrel.
"trade" - Google News
June 04, 2020 at 09:22PM
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US Stocks Mixed in Early Trade - DTN The Progressive Farmer
"trade" - Google News
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