GLOBAL MARKETS-Nasdaq advances; S&P, Treasury yields drop in risk-off session

(Updates to U.S. market open, changes dateline to NEW YORK from
LONDON, changes byline)
By Stephen Culp
NEW YORK, Nov 12 (Reuters) - The S&P 500 dropped and U.S.
Treasury yields edged lower on Thursday as the euphoria over a
potential COVID-19 vaccine faded in the face of spiking
infections and the threat of a new round of economic shutdowns.
The blue-chip Dow was also in the red, but tech stocks
helped keep the Nasdaq afloat, a reversal from the shift to
economically-sensitive cyclical stocks on Monday and Tuesday.
"We had an incredible rush to cyclical and value names
earlier this week, but the COVID concerns are bouncing and we're
having a move back to the stay-at-home and tech stocks," said
Ryan Detrick, senior market strategist at LPL Financial in
Charlotte, North Carolina.
On Monday, Pfizer Inc PFE.N announced the COVID-19 vaccine
candidate it developed with German partner BioNTech SE BNTX.O
appears to be 90% effective at preventing infection, news that
sent equity markets surging worldwide.
But new coronavirus infections in the U.S. and elsewhere are
reaching record levels and tightening economic restrictions to
contain the spread has dampened the prospect of a quick end to
the global health crisis. "The Pfizer vaccine was wonderful news earlier this week but
the continuing soaring new cases is a reminder that we're not
out of the woods by any means," Detrick added. "People are off
their sugar high and realizing we're likely going to have more
shutdowns."
The Dow Jones Industrial Average .DJI fell 95.37 points,
or 0.32%, to 29,302.26, the S&P 500 .SPX lost 4.85 points, or
0.14%, to 3,567.81 and the Nasdaq Composite .IXIC added 38.21
points, or 0.32%, to 11,824.64.
A surge in new coronavirus infections prompted a retreat of
European shares away from eight-month highs as hopes waned for a
quick economic rebound. The pan-European STOXX 600 index .STOXX lost 0.87% and
MSCI's gauge of stocks across the globe .MIWD00000PUS shed
0.05%.
Emerging market stocks rose 0.57%. MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.39%
higher, while Japan's Nikkei .N225 rose 0.68%.
U.S. Treasury yields, which can be viewed as a gauge of risk
appetite, slumped amid the risk-off mood. Benchmark 10-year notes US10YT=RR last rose 21/32 in price
to yield 0.9193%, from 0.989% late on Tuesday.
The 30-year bond US30YT=RR last rose 1-18/32 in price to
yield 1.6893%, from 1.76% late on Tuesday.
Hopes that world producers will delay a planned supply
increase helped crude oil prices sustain their rally, though the
gains were capped by growing doubts over a near-term demand
recovery. U.S. crude CLcv1 rose 0.31% to $41.58 per barrel and Brent
LCOcv1 was last at $44.38 per barrel, up 1.32% on the day.
The dollar edged lower against a basket of currencies,
reflecting growing caution regarding vaccine expectations.
The dollar index .DXY fell 0.12%, with the euro EUR= up
0.31% to $1.1814.
The Japanese yen strengthened 0.28% versus the greenback at
105.14 per dollar, while Sterling GBP= was last trading at
$1.3143, down 0.59% on the day.
The risk-off mood attracted investors back to gold, which
continued to recover some ground that the safe-haven metal lost
in Monday's plunge. Spot gold XAU= added 0.9% to $1,881.16 an ounce.

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