Stocks Erase Gains (SPX, SPY, DIA, DJI, QQQ, TLT, TBT, GLD)
It's been a mostly quiet morning so far in U.S. trading, but stocks have just erased previous gains as geopolitical headlines cross news wires.
Ukraine Foreign Ministry spokesman Yevhen Perebyinis told Bloomberg News that U.N. envoy Robert Serry's car was stopped by unknown armed men in Simferopol, the capital of Ukraine's Crimea region, where the recent escalation of military conflict between Ukraine and Russia has been centered. Perebyinis said Serry called the Foreign Ministry to say he was being held there. The U.N. Secretary-General Jan Eliasson denied that Serry that Serry had been kidnapped, however, as earlier headlines from Russian news agency Interfax suggested.
It's unclear what effect all of this has had on price action.
U.S. Treasuries have been rallying since the release of weaker-than-expected ISM non-manufacturing survey data at 10 AM ET. The yield on the 10-year U.S. Treasury note is trading at 2.69%, one basis point below yesterday's close.
The charts below show movements in various markets. Across the top from left to right are the S&P 500 index, the U.S. dollar-Japanese yen exchange rate, and the euro-U.S. dollar exchange rate. Across the bottom are gold futures, 10-year U.S. Treasury futures, and NYMEX crude oil futures.