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A man walks on a pedestrian bridge past the Hong Kong Observation Wheel as commercial buildings stand in the distance in Hong Kong, China. Photographer: Anthony Kwan/Bloomberg

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(Bloomberg) -- Slumping tech shares led most U.S. stocks lower as investors continue to weigh earnings against a backdrop of trade tensions. The dollar and Treasuries declined.

The Nasdaq 100 Index fell for the first time in three days, led by drops in Tesla, Hasbro and Dish Network. The S&P 500 Index drifted near the key 2,800 level, as losses in energy shares offset gains in financials. Earnings were better-than-expected from the likes of Bank of America Corp. and BlackRock Inc., while there was an upbeat early release from Deutsche Bank AG, but it did little to spur equities. Ten-year Treasury yields rose, while the greenback declined against most peers following strong upward revisions to U.S. retail sales.

Commodities fell, with West Texas Intermediate oil slumping below $70 a barrel as Saudi Arabia was said to offer extra crude supplies to some customers. Emerging-market currencies edged higher.

“If things remain the way they are, where the fundamentals are good, but trade remains a relevant issue, I think we will be doing what we have been doing for the last few months,” Krishna Memani, the chief investment officer at OppenheimerFunds Inc., said by phone. “A two days up, two days down kind of a situation.”

With no fresh signs of a trade war escalation and then fallout from President Donald Trump’s summit with Vladimir Putin, investors will no doubt remain occupied by a slew of numbers coming over the next few days, including economic data and company earnings. Later this week, Federal Reserve Chairman Jerome Powell is expected to lay the groundwork for further tightening.

Terminal users can read more in Bloomberg’s Markets Live blog.

These are some key events coming up this week:

  • Earnings season continues with reports due from companies including: Goldman Sachs, Morgan Stanley, American Express, Microsoft, Taiwan Semiconductor Manufacturing, Unilever, Johnson & Johnson and IBM.
  • Fed’s Powell delivers the semi-annual Monetary Policy Report to the Senate Banking Committee and answers lawmakers’ questions.

These are the main moves in markets:

Stocks

  • The S&P 500 Index fell 0.1 percent as of 4:03 p.m. in New York.
  • The Dow Jones Industrial Average rose 0.2 percent.
  • The Nasdaq Composite Index dropped 0.3 percent.
  • The U.K.’s FTSE 100 Index dropped for the first time in three days, falling 0.8 percent.
  • The MSCI Emerging Market Index slumped 0.5 percent.
  • The Stoxx Europe 600 Index fell 0.3 percent.

Currencies

  • The Bloomberg Dollar Spot Index fell 0.2 percent.
  • The euro rose 0.2 percent to $1.1711.
  • The British pound gained 0.1 percent to $1.3234.
  • The Japanese yen was little changed at 112.31 per dollar.
  • South Africa’s rand rose 0.4 percent to 13.22 per dollar.

Bonds

  • The yield on 10-year Treasuries rose three basis points to 2.86 percent, while the yield on the 30-year increased three basis points to 2.96 percent.
  • Italian 10-year yields rose three basis points to 2.58 percent.
  • Germany’s 10-year yield rose two basis points to 0.36 percent.

Commodities

  • West Texas Intermediate crude dropped 3.9 percent to $68.24 a barrel.
  • Gold was little changed at $1,241.06 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, Randall Jensen

©2018 Bloomberg L.P.

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