Stocks struggle as tech slide erases commodities surge

SourceZawya
SectorFinancial Markets
CountryMiddle east

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...read more...