Stocks Erase Gains as Exxon Misses; Pound Declines: Markets Wrap

• April 26 2018
• Sarah Ponczek

Stocks erased gains as Exxon Mobil Corp. fell short on both production and profit forecasts and an early rally in technology shares evaporated. Disappointing growth in Europe weighed on the pound and euro.

Stocks erased gains as Exxon Mobil Corp. fell short on both production and profit forecasts and an early rally in technology shares evaporated. Disappointing growth in Europe weighed on the pound and euro.

The Nasdaq 100 Index fell for the first time in third days. Yields on benchmark Treasuries fell and the dollar fluctuated near recent highs as the American economy cooled less-than-expected in the first quarter. The U.K. posted the worst quarterly GDP figures since 2012 and lackluster numbers also came out of France and Spain.

The slew of first quarter growth figures are the latest clues on the health of the global economy, which is preoccupying investors amid growing signs of a peak in the cycle and against a backdrop of rising rates. The murky outlook is threatening to outweigh the impact of both a solid earnings season and easing geopolitical tension.

Elsewhere, the yen was little changed after the Bank of Japan maintained its stimulus, as expected. The South Korean won climbed as North Korean leader Kim Jong Un and South Korean President Moon Jae-in agreed to end a seven-decade war this year. Commodities retreated, led by oil.

Terminal users can read more in our markets live blog.

And these are the main moves in markets:

And these are the main moves in markets:

Stocks

• The S&P 500 Index fell 0.2 percent as of 10:36 a.m. New York time, while the Dow Jones Industrial Average dropped 0.4 percent and the Nasdaq Composite Index dropped 0.2 percent.
• The Stoxx Europe 600 Index rose 0.2 percent and the MSCI Asia Pacific Index gained 0.8 percent.
• The U.K.’s FTSE 100 Index gained 0.8 percent.
• The MSCI Emerging Market Index rose 1.1 percent.

Currencies

• The Bloomberg Dollar Spot Index rose 0.1 percent.
• The euro dropped 0.2 percent to $1.2085.
• The British pound fell 1 percent to $1.3780.
• The Japanese yen was little changed at 109.30 per dollar.

Bonds

• The yield on 10-year Treasuries fell three basis points to 2.97 percent.
• Germany’s 10-year yield dipped two basis points to 0.57 percent.
• Britain’s 10-year yield fell four basis points to 1.46 percent.

Commodities

• West Texas Intermediate crude fell 0.6 percent to $67.78 a barrel, the first decline in three days.
• Gold rose 0.3 percent to $1,321.34 an ounce, the first increase in three days. 

— With assistance by Brian Chappatta, and Adam Haigh