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Stocks took a breather this morning after a record-breaking run. Futures on Wall Street hover near flat, while Europe slips amid disappointing earnings, with the Stoxx 600 down 0.6%. Puma plunged 19% on a gloomy forecast, and Volkswagen fell 2.5% due to tariff pressures.
The dollar is gaining strength against global currencies as investors eye next week’s Fed decision, with bets rising that rate cuts may pause. Bond yields are inching higher, with the US 10-year at 4.41%, Germany at 2.76%, and the UK at 4.65%.
In crypto, Bitcoin slides 3.2% while Ethereum drops 3.5%, reflecting the cautious tone in risk assets.
Intel slipped in after-hours trading after signaling a stronger focus on cost-cutting over regaining its tech edge. Meanwhile, Italy’s Eni surprised with profits beating forecasts thanks to asset sales and cost reductions.
Despite the S&P 500 hitting 10 new highs in 20 days, major trading desks, including Goldman Sachs, advise clients to consider cheap portfolio hedges while the market offers them.
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