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GLOBAL MARKETS-Weak data, earnings drag stocks lower; oil falls

Stock MarketsJan 22, 2021 23:18
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© Reuters.

* Global currencies v USD
* Global markets year-to-date

(Updates to U.S. stock market close)
By Rodrigo Campos
NEW YORK, Jan 22 (Reuters) - A gauge of stocks across the
world slipped from record highs on Friday and the dollar edged
up against a basket of peers as weak economic data and
underwhelming earnings drove investors to reverse some recent
risky bets.
Oil prices fell to end the week little changed and the
dollar index posted its largest weekly drop in five weeks.
Technology stocks weighed the most on the S&P 500, with IBM
IBM and Intel INTC.O posting 10% and 9% declines,
respectively, after underwhelming earnings. Energy stocks also fell on Wall Street, alongside the price
of crude.
With stock valuations nearing levels not seen in two
decades, some market participants said new COVID-19 variants and
hiccups in vaccine rollouts pose near-term risks for equities.
"If we're forced to keep the economy closed and it takes
longer than we want to get through immunizations and
vaccinations for the coronavirus, that's going to be a little
rougher on the market than people apparently anticipated," said
Rob Haworth, senior investment strategist at U.S. Bank Wealth
Management in Seattle.
The Dow Jones Industrial Average .DJI fell 179.03 points,
or 0.57%, to 30,996.98, the S&P 500 .SPX lost 11.6 points, or
0.30%, to 3,841.47 and the Nasdaq Composite .IXIC added 12.15
points, or 0.09%, to 13,543.06.
The three main U.S. indexes closed higher for the week, with
the Nasdaq up over 4%.
The recent gains have come in hand with expectations for a
near $2 trillion stimulus package for the American economy. On
Friday, President Joe Biden said the U.S. economic crisis was
deepening and that the government needs to take major action now
to help struggling Americans. The pan-European STOXX 600 index .STOXX lost 0.57% on
Friday after a survey showed economic activity in the euro zone
shrank markedly in January, with the services sector weighed by
lockdown restrictions to contain the coronavirus pandemic. .EU
MSCI's gauge of stocks across the globe .MIWD00000PUS shed
Emerging market stocks lost 0.94%. MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.85%
lower, while Nikkei futures NKc1 lost 0.23%.
The dollar index =USD rose 0.14%, with the euro EUR= up
0.03% to $1.2166, while sterling GBP= was last trading at
$1.3683, down 0.36% on the day.
The Japanese yen weakened 0.28% versus the greenback at
103.78 per dollar.
Overnight data from Japan showed that factory activity
slipped into contraction in January and the services sector was
more pessimistic as emergency measures to combat a COVID-19
resurgence hit sentiment. In commodities, oil prices were weighed down by a build-up
in U.S. crude inventories and by worries that new pandemic
restrictions in China will curb fuel demand in the world's
biggest oil importer. O/R
U.S. crude CLc1 fell 1.94% to $52.10 per barrel and Brent
LCOc1 was at $55.21, down 1.59% on the day.
"The pandemic seems to continue to expand into a second wave
in China, with infections rising by the day and reaching again
different regions such as Shanghai," said Rystad Energy oil
markets analyst Louise Dickson.
Benchmark 10-year notes US10YT=RR last rose 6/32 in price
to yield 1.0872%, from 1.107% late on Thursday.
Spot gold XAU= dropped 0.9% to $1,853.41 an ounce. Silver
XAG= fell 1.98% to $25.43.
Bitcoin BTC=BTSP last rose 9.06% to $33,610.83.

Global markets' year-to-date performance
Global currencies vs. dollar in 2021

GLOBAL MARKETS-Weak data, earnings drag stocks lower; oil falls

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