US stocks halt rally on Wall Street rebalancing

Stocks pulled back after last week’s strong rally as investors rebalanced their portfolios in the closing days of the quarter.

Stocks pulled back after last week’s strong rally as investors rebalanced their portfolios in the closing days of the quarter.

At the start of a week that is expected to be marked by inconsistency, the S&P 500 struggled to define its direction for most of the day. The Nasdaq 100 Index underperformed as Treasury yields rose. The dollar was little changed.

Some of the main movements in the markets:

Actions

• The S&P 500 fell 0.3% at 4:00 p.m. New York time
• The Nasdaq 100 fell 1%
• The Dow Jones Industrial Average fell 0.2%
• MSCI World Index rose 0.3%

Foreign exchange

• The Bloomberg Dollar Spot Index was little changed
• The euro rose 0.3% to $1.0581
• Sterling was little changed at $1.2266
• The Japanese yen fell 0.2% to 135.46 per dollar

bonuses

• The 10-year Treasury bond yield advanced seven basis points to 3.20%.
• Germany’s 10-year bond yield advanced 10 basis points to 1.55%
• UK 10-year bond yields advanced nine basis points to 2.39%

Raw Materials

• West Texas Intermediate crude rose 2.1% to $109.83 a barrel.
• Gold futures fell 0.4% to $1,823.70 an ounce. The Nasdaq 100 Index underperformed as Treasury yields rose. The dollar was little changed.