Stocks pull back from record highs as big tech slides; yields retreat

A gauge of global equity markets pulled back on Wednesday, February 17, from the record high hit in the previous session as investors sold technology-related companies and the prospect of rising inflation tempered optimism around a vaccine-led global economic recovery.

Other data showed inflation pressures building up at the factory gate, with producer prices posting their biggest gain since 2009 in January. The MSCI's global stock index fell 0.31% to 682.91. The index touched a record intra-day high of 687.26 on Tuesday, February 16, before erasing gains to snap an 11-day winning streak.

European shares retreated from near one-year highs as concerns about a possible rise in inflation tempered optimism about a vaccine-led global economic recovery, while Kering tumbled after sales at its Gucci brand fell more than expected.The US dollar rose, helped by upbeat economic data. The dollar index climbed 0.23% to reach a more than 1-week high.

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