WASHINGTON, Aug 18 ― Major stock indexes slid and oil posted its fourth straight day of declines as investors grappled with mixed economic data and considered the economic impact of the ongoing spread of the Delta coronavirus variant.
Brent crude ended the session down 48 cents, or 0.7 per cent, at US$69.03 per barrel, while US West Intermediate crude settled down 70 cents, or 1 per cent lower at US$66.59 a barrel. “It is possible that rising Covid cases are beginning to dent consumer sentiment, but the fact that restaurant spending increased during the month suggests that such concerns are modest. Retail sales are not adjusted for inflation, and it may be that recent price growth is starting to affect sales volume,” said Curt Long, chief economist and vice president at the National Association of Federal Credit Unions.
US Treasury yields were largely unchanged in choppy trading yesterday, as investors sorted through a muddy economic picture. Benchmark 10-year note yields were last at 1.258 per cent, little changed on the day, after earlier falling as low as 1.217 per cent.