U.S. stocks swung between gains and losses ahead of tomorrow’s expiration of options and futures, a quarterly event that usually brings increased volume and volatility. The S&P 500 dropped 0.16% to 4,536.95. The Dow Jones Industrial Average lost 0.18% falling to 34751.32 while the Nasdaq Composite was higher by 0.13% at 15181.93. Treasury yields and the dollar gained after stronger-than-expected U.S. retail sales added to speculation that the Federal Reserve may start paring back stimulus soon.
European stocks advanced, rebounding from a seven-week low, as corporate updates reassured that growth could continue. Stoxx 600 Europe Index rose 0.44% on Thursday, DAX increased by 0.23%, and CAC 40 gained 0.59%, while FTSE 100 rose by 0.16%. Germany’s 10-year yield touched a new two-month high on Thursday after U.S. data delivered positive surprises, while Austria received record demand for a debt sale. Euro zone bond yields edged up after data showed U.S. retail sales unexpectedly increased in August and the Philadelphia Federal Reserve business conditions index came in higher than expected.
Asian stocks rose as benchmarks in China and Hong Kong bounced back following four straight days of losses. The MSCI Asia Pacific Index climbed as much as 0.4%. Technology was the best-performing sector on the gauge, led by Tencent and Alibaba Group. Stocks also gained in Japan, with the Topix halting a two-day decline.
Oil headed for a fourth weekly gain, the best run since early July, supported by signs of a tighter market and positive pricing patterns. Brent crude futures price was $75.67 a barrel on Thursday, up 0.28%%. U.S. West Texas Intermediate (WTI) crude futures stood at $72.61 flat on the day.