The actions lower record highs with the virus in focus

Shares retreated from record highs as investor attention focused on the spate of virus cases and new lockdown measures, obscuring optimism that COVID-19 vaccines will eventually end the pandemic.

Pharmacy chains were among the worst performers in the S&P 500 after Amazon.com Inc. unveiled a new push to prescription drugs. Tesla Inc. has caught the news that the automaker will join the US benchmark. Treasury yields fell along with the dollar as Federal Reserve Chairman Jerome Powell said the US economy still has a “long way to go” before fully recovering from the pandemic.

Cheaper US stocks are favored after turning the tables on momentum-driven stocks

Investors are taking a break after sending shares to all-time highs on Monday in the wake of news that Moderna Inc.’s vaccine has been shown to be 94.5% effective in a clinical trial. There are still months to go until the wide distribution of a shot and cases are spreading rapidly in the United States and Europe. Chancellor Angela Merkel warned that the situation in Germany remains “very serious”, while Ohio, Illinois and Pennsylvania have announced new restrictions related to the virus.

“Markets find themselves in a seemingly awkward time as they try to weigh short-term COVID trends and the potential for some very tough months for the economy against the optimism and progress around vaccine development,” said Yousef Abbasi. , global market strategist at StoneX.

Elsewhere, Asian equities were slightly higher. In Europe, travel and leisure companies have led to the decline as more blocking rules have been announced. The pound rose on signs that the UK and the European Union are nearing a Brexit turn early next week.

Here are some events to watch out for this week:

• Brexit talks look set to continue as the UK and the EU approach the final deadline.
• The Bloomberg New Economy Forum virtually convenes global leaders to discuss trade, growing political populism, climate change and the pandemic. Until November 19th.
• Bank Indonesia rate decision on Thursday.

These are the main moves in the markets:

Actions

• The S&P 500 Index fell 0.5% at 4:00 pm New York time.
• The Stoxx Europe 600 index fell 0.2 percent.
• The MSCI Asia Pacific Index rose 0.2 percent.
• The MSCI Emerging Market Index fell 0.1 percent.

Currencies

• The Bloomberg Dollar Spot Index fell by 0.2 percent.
• The euro rose 0.1% to US $ 1.1864.
• The British pound was up 0.4% to US $ 1.3251.
• The Japanese yen strengthened by 0.4 percent to 104.2 per dollar.

Bonds

• The 10-year Treasury bond yield fell four basis points to 0.87 percent.
• Germany’s 10-year yield fell two basis points to -0.56%.
• Britain’s 10-year yield fell two basis points to 0.32%.

Raw material

• West Texas Intermediate crude rose 0.1% to $ 41.38 a barrel.
• Gold fell 0.4 percent to $ 1,881.34 an ounce.

– With the assistance of Andreea Papuc, Vildana Hajric, Yakob Peterseil and Cecile Gutscher.