The S&P 500 and Nasdaq closed lower on Friday as disappointing quarterly reports from Snap Inc (NYSE:SNAP) and Intel Corp (NASDAQ:INTC) put pressure on the communications and technology sectors and investors turned skittish as Federal Reserve Chair Jerome Powell discussed stimulus tapering.
Stockpiles at the biggest U.S. crude depot are quickly approaching critically low levels. The last time that happened, crude cost more than $100 a barrel.
Gold was up on Friday morning in Asia, and was poised for its second weekly gain. A dollar trending downwards provided some relief from higher U.S. bond yields and increasing bets that central banks globally could soon begin asset tapering.
The dollar was firmer early on Friday, helped higher by upbeat economic data though was headed for its second week of declines while commodities currencies slipped as traders rejigged their positions after this week’s brisk rally.
Global stock indexes mostly climbed and the S&P 500 posted a record closing high on Thursday, helped by gains in consumer discretionary and technology shares, while U.S. Treasury yields jumped.
Tech stocks climbed in Asia on Friday, following U.S. peers higher, while Chinese property stocks rallied following a surprise interest payment https://www.reuters.com/world/china/china-evergrande-sends-funds-trustee-bond-coupon-due-sept-23-source-2021-10-22 by debt-ridden property developer China Evergrande Group.