Stock Rally Pauses as European Cyclicals Retreat: Markets Wrap
- Energy, banking shares drop in Europe; Nasdaq futures rise
- Treasury futures edge higher as Thanksgiving shuts U.S. market
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The rally in global risk assets lost steam as the spreading pandemic tempered gains in European stocks and U.S. equity futures. Bitcoin tumbled as much as 14%.
Cyclical companies including banks and energy firms that had led the post-vaccine surge retreated while more defensive tech shares gained, with the Stoxx Europe 600 Index flat. That was mirrored by equity futures in the U.S., where contracts on the main gauge fell while those on the tech-heavy Nasdaq 100 were little changed.