Stocks End Winning Streak as Optimism Ebbs; Bonds, Dollar Climb
- Event risk unsettles market with Fed, Brexit vote looming
- Asian futures signal losses with Hong Kong back from holiday
What Changes a Market Bull Into a Bear?
A weeklong rally in global stocks ended as investors reassessed the outlook for global economic growth ahead of a series of events that could set the tone in financial markets for the next six months.
The MSCI All-Country World Index dropped for the first time in six days as stocks from Asia to Europe declined. While the S&P 500 Index also fell, snapping a three-day climb, the benchmark pared losses in the second half of the session to remain near an all-time high. Despite declines in oil and metals, the Bloomberg Commodity Index ended Thursday little changed, following its longest run of gains since March. Bonds rose, with U.K. gilt yields declining to a record low, while emerging-market assets retreated.