(Bloomberg) -- US stock futures retreated, indicating a third day of losses for the S&P 500, as traders worried about the economic implications of tariffs. The dollar weakened and bond yields rose.
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S&P 500 futures dipped 0.2% and European stocks fell. The moves were relatively muted, given China’s restrained response to US tariffs and a last-minute reprieve for Canada and Mexico. Still, the dollar index slid 0.3% as some traders flagged relief that the worst-case scenarios seem to be avoided.
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“We will be cautious in the short term until we get a good read on de-escalation on tariffs,” said Colin Graham, head of multi asset strategies at Robeco Group.
Palantir Technologies Inc. shares soared as much as 20% in US premarket trading after the software company gave a forecast that is stronger than expected, citing demand for its AI products. Traders are also awaiting earnings reports Tuesday from heavyweights including Google parent Alphabet Inc., Merck & Co. Inc. and Pfizer Inc., as well as data on US factory- and durable-goods orders.
Europe’s Stoxx 600 benchmark fell for a second day amid a flurry of mixed corporate earnings. With companies representing about a quarter of Europe’s market cap having reported by Monday, a net 11% posted a beat on earnings and 55% on sales, according to Morgan Stanley.
UBS Group AG shares dropped as concern over a potential increase in capital requirements outweighed better-than-expected results. Vodafone Group Plc dropped after the communications firm noted worsening conditions in Germany. BNP Paribas rose on a surge in trading revenue.
In commodities, crude oil declined on the worsening demand outlook. Gold hovered near a record high.
Key events this week:
US factory orders, US durable goods, Tuesday
Alphabet earnings, Tuesday
Fed’s Raphael Bostic, Mary Daly, Philip Jefferson speak, Tuesday
China Caixin services PMI, Wednesday
Eurozone HCOB Services PMI, PPI, Wednesday
US trade, Wednesday
Fed’s Austan Goolsbee, Tom Barkin, Michelle Bowman, Philip Jefferson speak, Wednesday
Eurozone retail sales, Thursday
UK rate decision, Thursday
US initial jobless claims, Thursday
Fed’s Christopher Waller, Lorie Logan speak, Thursday
Amazon earnings, Thursday
US nonfarm payrolls, unemployment, University of Michigan consumer sentiment, Friday
Fed’s Michelle Bowman, Adriana Kugler speak, Friday
Story Continues
Stocks
The Stoxx Europe 600 fell 0.3% as of 9:27 a.m. London time
S&P 500 futures fell 0.2%
Nasdaq 100 futures fell 0.1%
Futures on the Dow Jones Industrial Average fell 0.3%
The MSCI Asia Pacific Index rose 1.2%
The MSCI Emerging Markets Index rose 1.6%
Currencies
The Bloomberg Dollar Spot Index fell 0.3%
The euro was unchanged at $1.0344
The Japanese yen fell 0.3% to 155.17 per dollar
The offshore yuan rose 0.3% to 7.2923 per dollar
The British pound fell 0.1% to $1.2432
Cryptocurrencies
Bitcoin fell 3.1% to $98,770.36
Ether fell 3.7% to $2,713.99
Bonds
The yield on 10-year Treasuries advanced one basis point to 4.57%
Germany’s 10-year yield advanced three basis points to 2.41%
Britain’s 10-year yield advanced four basis points to 4.53%
Commodities
This story was produced with the assistance of Bloomberg Automation.
--With assistance from Aya Wagatsuma.
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