S&P Slumps at End of Dizzying Quarter for Stocks: Markets Wrap

(Bloomberg) — Volatility continued to roil risk assets, with energy prices spiking higher and U.S. equities sliding toward their worst quarter since the start of the pandemic.

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The S&P 500 fell to session lows. A poor forecast at Bed Bath & Beyond and supply-chain worries at Kohl’s dragged retailers lower. Oil resumed its advance, while natural gas spiked.

Traders cited a report by Politico saying that Senator Joe Manchin proposed a deal to Majority Leader Chuck Schumer this summer to limit the total cost of the Democrats’ spending bill to $1.5 trillion. House Speaker Nancy Pelosi said she’s pushing ahead with a vote on a bipartisan infrastructure bill, despite threats from progressive Democrats. During a House hearing Thursday, both Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen blamed supply disruptions for the surge in inflation.

Stocks have been buffeted by concerns that the Federal Reserve will start pulling back monetary support. Supply disruptions have led to higher prices and shortages of key manufacturing inputs. And political wrangling in Washington is threatening to push the U.S. into default and force President Joe Biden to scale back his spending agenda.

Read: China Orders Top Energy Firms to Secure Supplies at All Cost

Here are some events to watch this week:

  • Univ. of Michigan sentiment, ISM manufacturing, U.S. construction spending, spending/personal income, Friday

For more market analysis, read our MLIV blog.

Some of the main moves in markets:


  • The S&P 500 fell 1% as of 12:14 p.m. New York time

  • The Nasdaq 100 fell 0.4%

  • The Dow Jones Industrial Average fell 1.4%

  • The MSCI World index fell 0.6%


  • The Bloomberg Dollar Spot Index was little changed

  • The euro fell 0.3% to $1.1565

  • The British pound rose 0.1% to $1.3447

  • The Japanese yen rose 0.4% to 111.49 per dollar


  • The yield on 10-year Treasuries was little changed at 1.52%

  • Germany’s 10-year yield advanced one basis point to -0.20%

  • Britain’s 10-year yield advanced three basis points to 1.02%


  • West Texas Intermediate crude rose 0.8% to $75.40 a barrel

  • Gold futures rose 2.1% to $1,758.50 an ounce

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