(Bloomberg) -- Most Asian shares were set for declines as Wall Street stocks took a breather after notching their longest weekly rally this year. Bonds...
Sydney stocks fell, while futures for benchmarks in Hong Kong and Shanghai pointed to losses. That’s after equities in the US dropped from nearly overbought levels, following a relentless advance to all-time highs. The S&P 500 fell 0.2% with all of its major groups but technology pushing lower. The Dow Jones Industrial Average slid 0.8%.
In another sign of how greed has trumped fear, the S&P 500 hasn’t suffered back-to-back losses in about 30 sessions. While a month with no consecutive down days may not sound like much, the current streak ranks among the very best since 1928, according to data compiled by SentimenTrader. Japanese traders are keeping one eye on the runup to this coming weekend’s election. Support for Prime Minister Shigeru Ishiba’s ruling coalition is continuing to soften, indicating the possibility that the vote may result in a weakened and unstable administration.Wall Street faces a big earnings hurdle this week, with roughly 20% of the S&P 500 companies scheduled to report, with traders gearing up for key results from Tesla Inc. to Boeing Co. and United Parcel Service Inc.
To Matt Maley at Miller Tabak, no matter the reason, “we certainly cannot blame investors for buying some protection in the options market and/or gold.” Although the market has shown incredible resilience this year, with nine out of 10 positive months, we’re beginning to see parallels with the 2001–2006 period where tech valuations were high, according to Mark Hackett at Nationwide.
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