Euro falls as French debt concerns weigh on currency
The euro was heading for weekly losses against the dollar and yen, while traders awaited policy meetings at three major central banks.
Stocks retreat as Brent oil settles at highest since April
Technology shares steadied after a selloff, while energy stocks reached a record high as attacks in Saudi Arabia raised supply concerns.
Major U.S. and European stock indexes fell on October 23 despite firmer technology shares, as Brent crude settled at its highest since April 29. Houthi attacks in Saudi Arabia fueled concerns about further disruption to Middle Eastern energy supplies.
The Dow Jones Industrial Average closed at 52,215.16, losing 1.23%. The S&P 500 ended at 7,623.68 after a 0.52% decline, and the Nasdaq Composite slipped 0.21% to 25,955.34. Weekly losses were 0.5% for the S&P 500 and 0.7% for the Nasdaq, while the Dow added 0.4% for its third straight weekly advance.
Semiconductor shares recovered 0.4% after their biggest daily percentage loss since June, and the S&P 500 technology index also advanced 0.4%. Art Hogan, chief market strategist at B. Riley Wealth, said concern about the AI trade remained after Meta Platforms' report. Meta shares lost 1%, Microsoft added 0.7%, and Alphabet and Amazon finished lower.
Brent futures gained 3.14%, or $3.55, to settle at $116.72 a barrel. U.S. West Texas Intermediate finished at $103.27 a barrel after rising 3.8%, or $3.80. Weekly gains reached 6% for Brent and 2.3% for WTI. The S&P 500 energy sector advanced 2.5% to a record.
Treasury yields rebounded after the benchmark's largest one-day decline in nearly four years. The U.S. 10-year yield climbed 3.7 basis points to 4.99%. JoAnne Bianco, partner and senior investment strategist at BondBloxx Investment Management, cited persistent inflation among the headwinds.
Europe's STOXX 600 shed 0.31%, finishing at 635.77, with a weekly loss of about 1.4%. The euro traded 0.21% lower at $1.1191 amid worries over unrest and budget difficulties in France.