GLOBAL-MARKETS-Stocks mixed as investors step back from highs

(Adds comments, Nasdaq at new record high)
* Nasdaq hits new record high after initial morning drop
* S&P 500, Dow Jones both down
* Gold up over 1%

By Pete Schroeder
WASHINGTON, June 9 (Reuters) - A recent run of optimism in
markets hit the brakes on Tuesday, as investors pulled back from
major stock indices and turned their attention to safe-haven
assets like gold.
After nine days of gains in Asian equities, Europe's big
markets opened with a lurch and ended the day down 1.2%.
.EU .N Oil prices trended lower as concerns about a
resurgence in coronavirus cases offset recent commitments by
major oil producers to rein in production.
The tech-heavy Nasdaq Composite .IXIC shook off early
losses to climb 0.71% and set a fresh record high, while the Dow
Jones Industrial Average .DJI and S&P 500 .SPX were both
down at midday.
MSCI's gauge of stocks across the globe .MIWD00000PUS fell
0.24%.
"We've gone really far in a short period of time. I would
not be surprised to see the market sort of trend sideways within
the next week or two," said Tim Chubb, chief investment officer
at Girard in West Chester, Pennsylvania.
Attention now turns yet again to the U.S. Federal Reserve,
which kicks off a two-day meeting on Tuesday. No major policy
announcements are expected when it wraps on Wednesday, but the
central bank will issue its first economic projections since
December. Investors will be watching as the central bank
attempts to gauge the economic cost of widespread
pandemic-related lockdowns to curb the spread of the new
coronavirus.
The euro climbed 0.4% EUR= , while the safe-haven yen
JPY=EBS and Swiss franc CHF=EBS gained against the dollar
for a second straight day this week.

LOOMING IMPACT
After a brutal March for global equity markets amid concern
over both the short- and longer-term damage to the world economy
from the coronavirus pandemic, most indices are now back to
pre-COVID-19 levels.
But fears of renewed trade tensions between the United
States and China and the second-round impact from higher
unemployment and bankruptcies are hanging over the outlook,
however.
The number of layoffs in the U.S. dropped in April, but were
still high enough to be the second most on record. At the same
time, hiring hit an all-time low, the Labor Department reported
Tuesday. In its latest Global Economic Prospects report on Monday,
the World Bank said advanced economies are expected to shrink
7.0% in 2020, while emerging-market economies will contract
2.5%, their first slump since aggregate data became available in
1960. Gold jumped more than 1% on Tuesday as investors adopted a
more cautious stance ahead of the Fed's policy meeting.
Like in the U.S., Latin American stock indexes were down as
investors cashed in profit after the recent risk rally. Regional
currencies weakened ahead of a U.S. Federal Reserve meeting.
The declines caused the broader emerging markets shares
benchmark .MSCIEF to give up gains from earlier in the day,
putting it on track to potentially end its longest winning
streak since April last year.
Oil prices LCOc1 slipped nearly 1% after Brent had hit its
highest in more than three months at $41 a barrel CLc1 .

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Global assets http://tmsnrt.rs/2jvdmXl
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
Emerging markets http://tmsnrt.rs/2ihRugV
MSCI All Country World Index Market Cap http://tmsnrt.rs/2EmTD6j
Global markets vs COVID-19 https://tmsnrt.rs/2YilqMX
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