* Yield rises as market looks at a new trading area
* Oil at one year high, copper highest in nearly a decade
* Wall St slip on dramatic rise in jobless claims, tech slid (Updates with midday US market activity; online changes, date, previous MILAN)
NEW YORK, Feb. 18 (Reuters) – Global equity market volume slipped for the third straight session on Thursday as rising inflation targets were driven by higher oil prices and the strongest copper prices in nearly a decade. keep an eye on traders after stocks hit a high this week.
Oil prices plummeted early, with Brent fleeing back from a 13-month high above $ 65 a barrel as buying with concerns that a rare cold lump in Texas could upset it US raw produce for days or even weeks gone.
The MSCI global stock index was down 0.79% at 677.28. The index hit a high level within a day of 687.26 on Tuesday, before a gain was eliminated to capture an 11-day winning streak.
Investors ’appetite for riskier funds plummeted after data showed the number of Americans filing claims for the first time for unemployment benefits rose sharply last week. in the past, even though the labor market is gradually recovering as additional fiscal stimulus and the collapse of COVID-19 issues allow more service businesses to reopen.
“The only part of the economy that has been clearly disappointed is the employment picture,” said Ryan Detrick, chief market strategist at LPL Financial in Charlotte, North Carolina.
On Wall Street, major indices fell as investors began to move out of big tech-related companies.
U.S. stock indices hit record highs at the beginning of the week but gradually returned after a rise in Treasury bond yields, sparking fears of higher inflation. These fears have pushed investors to keep profitable on high-value stocks in the S&P 500 technology and communications services sectors.
The Dow Jones industrial average fell 249.44 points, or 0.79%, to 31,363.58, the S&P 500 lost 32.89 points, or 0.84%, to 3,898.44 and the Nasdaq Composite fell 161.28 points, or 1.15%, to 13,804.22.
European stocks fell after a flurry of disappointing earnings reports from companies including Airbus and Orange. The pan-European STOXX 600 index was 0.77% lower.
U.S. Treasury Department yields rose Thursday as the market shifted to higher levels at the far end of the curve reached this week in anticipation of extended fiscal and monetary stimulus and signs of a surge economic.
“Clearly, bond markets believe that the world economy can normalize and yields can come from crisis levels. They’re moving away from just thinking about COVID and QE (quantitative easing) and they’re thinking about normalization, ”said April LaRusse, head of income investment experts based at fund manager Insight Investment.
“But while that is the general trend, we believe that markets may be a little ahead of themselves,” LaRusse said.
The benchmark 10-year yield, which hit 1.333% on Wednesday, the highest level since February 27, 2020, last up as a base at 1.3091%.
The dollar lost ground, completing its first two – day climb in two weeks as labor market disappointment data lowered expectations for a rapid economic recovery from the global health crisis. The dollar index fell 0.2%.
Bitcoin dropped an all-time high of $ 52,640 reached overnight.
Brent crude traded at $ 64.25 a barrel, down 0.14%, while U.S. West Texas Intermediate (WTI) crude fell 0.15% to $ 61.05 a barrel.
Copper rose nearly 3% to its highest level since April 2012 as Chinese investors returning from a week-long holiday spurred a rally that has almost doubled prices from lows. at the height of coronavirus concerns in March last year.
XAU = spot gold went down -0.03% at $ 1,775.66 an ounce.
Reciting with Saqib Iqbal Ahmed; Edited by Dan Grebler