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GLOBAL MARKETS-Shares falls as Nasdaq tumbles, dollar edges higher

Stock MarketsMay 05, 2021 01:00
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© Reuters.

(Adds close of European markets)
* Dollar clawing back ground in FX markets
* Commodities consolidate gains
* Graphic: Global asset performance
* Graphic: World FX rates

By Herbert Lash and Marc Jones
NEW YORK/LONDON, May 4 (Reuters) - World share indexes slid
and U.S. Treasury yields fell on Tuesday as low trading volume,
a lull in economic news and lack of a catalyst to lift stocks
higher sparked a sell-off by investors worried further upside in
markets is limited.
The tech-rich Nasdaq .IXIC fell 2.7%, marking its biggest
single-day decline in six weeks, while the yield on the 10-year
Treasury note fell to a low of 1.557%, a slide that normally
would push technology shares higher.
Palladium prices soared to all-time highs, fueled by
concerns about short supplies of the auto-catalyst metal as
demand gradually improves.
The Refinitiv/CoreCommodity CRB Index .TRCCRB traded near
three-year highs as commodity prices continue a recent rally as
investors bet on rising demand as economies reopen. The surge in
commodity prices has spurred talk of an inflation spike.
As investors sold stocks they bought government debt,
pushing Treasury prices up and yields lower.
"There's not a lot of conviction among traders of which way
markets should go from here," said Patrick Leary, chief market
strategist and senior trader at Incapital. "We've priced in a
great amount of reopening optimism."
MSCI's benchmark for global equity markets .MIWD00000PUS
fell 1.23% to 694.67.
On Wall Street, the Dow Jones Industrial Average .DJI fell
0.5%, the S&P 500 .SPX lost 1.29% and the Nasdaq Composite
.IXIC dropped 2.72%.
Sensitive cyclical sectors including energy and financials,
outperformed growth stocks.
In currency markets, the dollar USD= clawed back some
ground to partially unwind last month's long decline as
investors squared up positions ahead of monthly payrolls data
due at the end of the week. FRX/
The dollar index =USD rose 0.314%, with the euro EUR=
down 0.38% to $1.2015. The Japanese yen weakened 0.22% versus
the greenback at 109.31 per dollar.
Signs that the world's major central banks remain in no rush
to reel in their massive stimulus programs kept 10-year U.S.
Treasury yields under 1.65% and Germany's Bund yields below
13-month highs. GVD/EUR
Australia's central bank left its key interest rates at near
zero overnight for a fifth straight meeting and pledged to keep
its policies super-supportive for a prolonged
period. Australia's S&P/ASX200 .AXJO had risen 0.6% and Hong Kong
.HSI had climbed 0.7% in thin Asian trading due to holidays in
both China and Japan.

Cryptocurrency ether ETH=BTSP powered to another record
peak, nearing $3,500, before paring gains to trade 5.4% lower.
Oil prices rose on Tuesday after more U.S. states eased
pandemic-related lockdowns and the European Union sought to
attract travelers, though soaring COVID-19 cases in India capped
Brent crude futures LCOc1 rose $1.22 to $68.78 a barrel.
U.S. crude futures CLc1 gained $1.12 to $65.61 a barrel.
Spot gold prices XAU= fell $-17.55%.

Emerging markets
Global asset performance
Sterling's referendum rollercoaster rides
India suffering world's worst COVID wave

GLOBAL MARKETS-Shares falls as Nasdaq tumbles, dollar edges higher

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