Stocks struggle as tech slide erases commodities surge

Stocks struggle as tech slide erases commodities surge

The MSCI world equity benchmark fell 0.1% to fresh two-week lows by 1138 GMT, having earlier risen on gains in commodity-heavy equity indexes in Asia. S&P 500 futures ESc1 also fell, and were last down 0.5%.Tesla TSLA.O shares were set to plunge into the red for the year, hit by a fall of bitcoin, in which the electric carmaker recently invested $1.5 billion. The level of angst was also reflected in equity volatility gauges which rose to multi-week highs, while on bond markets German and U.S. yields moved in different directions, even though both remained just below the highs hit on Monday.After being knocked off from eight-month high by European Central Bank chief Christine Lagarde signalling discomfort with the recent surge in yields, 10-year Bund yields resumed their upward trend and were last at -0.297%.Ten-year Treasury yields were steady below Monday's one-year high of 1.394% and were last at 1.370%.Fed Chair Powell is expected to be equally reassuring on the central bank's dovish stance when he gives his congressional testimony at 1500 GMT in Washington."If there were already any expectations that Powell could try to calm down rates, then (Lagarde's remarks) have just further cemented them," said Giuseppe Sersale, strategist and