Market Highlights

Hopes for another buoyant day across asset classes were deflated at midday over concern President Donald Trump is cooling on his dovish front runner to head the Federal Reserve. Treasuries dropped across the curve as traders slightly dialed back expectations for Fed rate cuts this year. The S&P 500 struggled to gain much traction and was heading toward a weekly decline despite a rally in giant chipmakers. Small caps kept rising, with the Russell 2000 beating the US equity benchmark for an 11th straight session. European stocks and US futures fell while havens such as gold rallied after President Donald Trump threatened levies on countries opposing his plans to acquire Greenland. The euro and Swiss franc advanced.