A rally that put stocks on the cusp of all-time highs wavered, with traders gearing up for inflation data and parsing mostly positive earnings news. Gold sank the most in five years as the dollar rose.
Following the S&P 500’s biggest back-to-back advance since June, the gauge fluctuated. Equity exposure among global macro hedge funds and long-only strategies remain at the highest level in more than a year, despite some de-risking this month due to concerns over credit quality and trade, Barclays Plc strategists say.
Gold tumbles.
Photographer: Matt Jelonek/Bloomberg
“Our near-term technical outlook is for equities to consolidate/pull back over the next …