U.S. stocks slip from records as commodities slump: markets wrap
U.S. stocks halted a seven-day advance, while the dollar fluctuated as data showing a rebound in consumer spending offset a wider selloff in commodities. The euro slipped with equities in the region.
The S&P 500 Index edged lower from an all-time high as investors returned from a three-day weekend. A report indicated Americans kept up spending in line with wage gains in April. Crude slumped as investors wait for signs OPEC cuts have reduced inventories. The Stoxx Europe 600 Index declined a fourth day as data showed euro-area economic confidence fell for the first time this year.
The pullback across many assets serves as a reminder that, while equity benchmarks across the world have posted repeated records this year, potential headwinds to the global growth story remain and investor concern lingers. Elections in the U.K., Germany and Italy are looming as Brexit negotiations begin, while U.S. President Donald Trump is ratcheting up a dispute with Germany and battling to implement spending and tax-cut plans.