U.S. Stocks Decline, Metals Drop in Fed Aftermath: Markets Wrap
- Fed plans balance-sheet runoff as BOJ stands pat on rates
- Gold tumbles below $1,300 an ounce, iron ore retreats
Wells Fargo's Wren Doesn’t See Much Market Upside
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U.S. stocks fell from records, while Treasuries and the dollar were mixed as investors assessed the impact of the Federal Reserve’s signal that it intends to raise rates again this year. Gold tumbled and emerging-market assets slumped.
The S&P 500 Index retreated for the first time in five days, with technology shares leading declines as Apple Inc.’s selloff resumed. The dollar was little changed after rallying Wednesday, while Treasuries pared gains after a 10-year note auction. Metals from copper to iron ore slumped. The yen touched a two-month low as the Bank of Japan kept its monetary stimulus unchanged. West Texas crude declined.