LIVE MARKETS-Geopolitics, oil and yields keep investors on edge

By Reuters News

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GEOPOLITICS, OIL AND YIELDS KEEP INVESTORS ON EDGE

Wall Street is on the back foot early Thursday as investors juggle a growing list of concerns, from persistent tensions in the Middle East to a closely watched summit between Presidents Donald Trump and Xi Jinping.

Oil is adding to the unease. US crude futures are up more than 2% after diplomatic talks between Washington and Tehran yielded little sign of progress, while uncertainty surrounding a potential US ban on diesel exports is also supporting prices.

The bond market remains a major focal point. The benchmark 10-year Treasury yield briefly climbed to 5.1497%, its highest level since 2007, before easing back to around 5.09%. The move underscores lingering worries that interest rates may need to stay elevated for longer.

A majority of S&P 500 .SPX sectors are higher. Healthcare .SPXHC, up 1.4%, is the leading gainer. Energy .SPNY is up 1.1% alongside the rise in crude prices. Technology .SPLRCT is the weakest group, off about 1%.

Under the surface, banks .SPXBK, .KRX and biotech .NBI are managing modest gains, while precious-metals miners .XAU, chips .SOX and software & services .SPLRCIS are on the weak side.

Despite the early pullback, the broader market remains remarkably close to its highs. The S&P 500 is still only about 1.6% down from its record intraday peak and about 1.4% beneath its all-time closing high, a sign that, for now at least, the bulls have given up little ground.

Here is a snapshot of where markets stood around 10:11 a.m. EDT.

(Terence Gabriel)

EARLIER ON LIVE MARKETS:

BITCOIN'S 'WINTER' MAY BE ENDING, NED DAVIS TURNS BULLISH CLICK HERE

BENCHMARK TREASURY YIELD BREAKS TO NEW HIGHS, BUT THE MOVE IS LOOKING STRETCHED CLICK HERE

WHAT DO RISING BOND YIELDS MEAN FOR EUROPEAN STOCKS? CLICK HERE

"NOT YOUR USUAL FRENCH DRAMA" CLICK HERE

STOXX DIPS IN ERRATIC TRADE AS TECH DRAGS, ENERGY UP CLICK HERE

BEFORE THE BELL: BOND SELLOFF SENDS EUROPEAN FUTURES LOWER CLICK HERE

DIPLOMACY TAKES A BACK SEAT CLICK HERE


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