Stocks traded lower and investors reacted to the latest batch of earnings and awaited details of the latest Fed policy meeting on May 4. Dick's Sporting Goods plunged 13% on cautious outlook.
Indexes in Germany and France fell after the ECB President raised the need to lift rates in tackling 4-deccade inflation. The British pound fell against the euro after the UK private sector expanded at the slowest pace in fifteen months.
European markets advanced after takeover and merger activities perked up. A private survey showed business confidence unexpectedly rose in Germany.
Asian markets were on the defensive after Beijing city imposed additional restrictions in 22 districts. Stocks in Japan gained after the Tokio Marine fiscal year net income more than doubled. Indexes in India were on the defensive.
Popular indexes after another day of wild swings stayed near the flat but extended weekly losses not seen in decades. The S&P 500 briefly touched the bear territory and the Dow logged its eighth weekly loss, the longest streak since 1932.
The latest rate cut is among a series of steps taken by Chinese authorities to revive housing demand and spur construction and manufacturing activities as the nation prepares to emerge from stringent Covid-19 restrictions.
The S&P 500 and Nasdaq indexes opened higher but turned negative after one hour of trading. The advancing oil price extended the yearlong rise approaching 80% and is likely to keep consumer inflation elevated for the next several months.
Asian market advanced after China lowered its mortgage rate to revive the flagging housing market. However, the rate is likely to fall short in lifting the mood among builders. Consumer prices in Japan rose above the central bank's target rate.
Volatile indexes searched for direction and lacked support during the three attempts to close higher. Indexes swung several times up and down after crude oil prices remained elevated and bond yields traded in tight trading range.