U.S. stocks dropped for the first time in three trading sessions after a series of record highs as Treasuries and the dollar reversed Wednesday’s gains.
- Cooper prices jumped on Thursday following a strike in Chile that threatened to tighten the global copper supplies.
- US treasuries held a loss after applications for U.S. jobless benefits declined for the third consecutive week.
- Investors are continuing to assess the implications of a potential Federal Reserve tapering in the coming months, the spread of the delta Covid-19 variant, and the China crackdown.
- Kansas City Fed President Esther George stated there is a need to move ahead with the cutting back of monetary stimulus, though Wednesday’s inflation figures suggest the central bank might take a slowed approach.
Meanwhile, most Asian markets dropped after China launched a five-year plan pushing for greater business regulation as Beijing steps up crackdown on insurance technology platforms.
DXY up +0.10%, STOXX Europe 600 up +0.013%, S&P 500 down -0.14%