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Integrated circuits sit on an Embedded Wafer Level Ball Grid Array (eWLB) circuit board. Photographer: Krisztian Bocsi/Bloomberg

(bloomberg)

(Bloomberg) -- U.S. stocks were mixed as a slump in technology and financial shares offset optimism that trade talks with China will resume before the Trump administration imposes another round of tariffs. Crude oil posted its best two-day increase since June.

The Dow Jones Industrial Average was whipsawed by a Wall Street Journal report that the U.S. was reaching out to Chinese officials, fluctuating by over 200 points. Comments later from 3M’s chief financial officer on rising raw material costs helped to push the Dow into the red. The Nasdaq was lower much of the day, while the S&P 500 was little changed. Chipmakers dropped earlier after Goldman and Stifel downgraded several U.S. peers amid mounting industry concerns.

Semiconductors are “a key indicator for the broader technology sector, and for the general stock market going forward,” Matt Maley, an equity strategist at Miller Tabak & Co., wrote in an email. “If the semis do indeed break-down from here as we move through the rest of September, it could/should lead to investors to rotate away from the tech stocks in a more meaningful fashion than they did last week.”

Brent crude traded near a two-month high as shrinking oil inventories pointed to an increasingly tight global market. Meanwhile, Hurricane Florence threatens to disrupt fuel supplies as it moves toward North Carolina.

Central banks are back in the spotlight this week. Market participants are watching for policy meetings scheduled for the European Central Bank and Bank of England, as well as Turkish and Russian central banks. Meanwhile, investors will be gauging the potential for extreme weather to disrupt economic activity, as threats from trade tension and Brexit negotiations linger.

Terminal users can read more in our Bloomberg Markets Live blog.

Here are some key events coming up this week:

  • Policy decisions from the Bank of England and the European Central Bank on Thursday.
  • Australia employment is due Thursday.
  • China releases August industrial production, retail sales data on Friday.
  • U.S. retail sales, industrial production, consumer sentiment on Friday.

These are the main moves in markets:

Stocks

  • The S&P 500 Index was little changed as of 4:08 p.m. in New York, while the Dow Jones Industrial Average rose 0.1 percent and the Nasdaq Composite Index slumped 0.2 percent.
  • The Stoxx Europe 600 rose 0.5 percent.
  • The U.K.’s FTSE 100 gained 0.6 percent.
  • Germany’s DAX Index increased 0.5 percent.
  • The MSCI Emerging Market Index rose 0.3 percent, rising from a 16 month low.
  • The MSCI Asia Pacific Index rose 0.1 percent, after hitting the lowest in 13 months.

Currencies

  • The Bloomberg Dollar Spot Index dropped 0.5 percent.
  • The euro gained 0.2 percent to $1.1626.
  • The British pound was little changed at $1.3049.
  • The Japanese yen strengthened 0.3 percent to 111.27 per dollar.

Bonds

  • The yield on 10-year Treasuries fell one basis points to 2.96 percent, while the two-year note yield was little changed at 2.75 percent.
  • Germany’s 10-year yield fell two basis points to 0.41 percent.
  • Britain’s 10-year yield fell two basis points to 1.48 percent.
  • Italy’s 10-year yield rose one basis point to 2.94 percent.

Commodities

  • West Texas Intermediate crude rose 1.4 percent to $70.25 a barrel.
  • Gold gained 0.6 percent to $1,205.76 an ounce.

To contact the reporter on this story: Sarah Ponczek in New York at sponczek2@bloomberg.net

To contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Dave Liedtka

©2018 Bloomberg L.P.

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