Wall Street stocks on track for largest daily drop in nearly four weeks

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New York, April 19- An index of stocks across the world is on track to end with the largest daily drop in almost four weeks, after touching a record high and investors looking for earnings to justify the high valuations.

The dollar index touched a more than 6 week low and Treasury yields edged up on Friday after posting their largest weekly drop since June and oil prices slipped on concerns over rising coronavirus cases worldwide.

Nasdaq indexes fell on Wall Street, with the Nasdaq being the biggest decliner. After a fatal crash, the shares of Tesla Inc. fell after one of its cars died.

The Dow Jones Industrial Average dropped 150.74 points, or 0.47%, to 34,039.

93, the S& P 500 lost 28.8 points, or 0.69%, to 4,156.

67 and the Nasdaq Composite dropped 165.89 points, or 1.18%, to 13,886.

46 The market has had a massive jump to the upside so it needs a little bit of rest, said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

For now it's just a little bit of profit taking as traders await the results of big tech companies on Wall Street. The MSCI rating of stocks across the globe shed 0.37% The STOXX 600 index rose 0.07% and emerging market stocks fell 0.03%. MSCI's broadest index of Japan-Pacific shares outside Asia closed 0.14% higher.

The rupee futures lost 1.63%, the dollar against a basket of peers was on the back of the sharp drop in Treasury yields last week.

Indeed, the USD rally by now is all but distant memory and the currency's underperformance seems to reflect the apparent divergence in the outlook between the downward UST yields and the other less perky bond yields, said Valentin Marinov, Head of G 10 FX Research at Credit Agricole.

The dollar index fell 0.57%, with the Euro in$ 1.2035 up 0.43%.

The Japanese yen.40 strengthened against the dollar at 108.13 per dollar, while sterling was last trading at$ 1.3986 on the day, up 1.13% on the day.

Yields are taking their cues from the equity markets, said Jim Barnes, director of fixed income for Bryn Mawr Trust. He and others said investors are also waiting to gauge the market appetite for$ 24 billion of 20-year bonds scheduled to be auctioned on Wednesday.

Benchmark 10 year notes last fell 832 in price to yield 1.6011% on Friday, from 1.573% late on.

Silver fell 0.3% to$ 15.70 an ounce, and spot gold to price of$ 25.80 dropped to$ 1.790. 69.

Oil prices edged up, but growing COVID 19 infections in India prompted concern that stronger measures to contain the pandemic would harm economic activity.

A weaker dollar makes oil cheaper for holders of other currencies. However, COVID 19 cases have increased in India, the world's third biggest oil importer and consumer, dampening optimism for a sustained global recovery of demand.

The main hazard to the continued oil price strength is the possible re-emergence of COVID 19 case counts on a broad scale, said Jim Ritterbusch, president of Ritterbusch and Associates.

Brent crude rose 0.46% to$ 63.42 per barrel and U.S. crude was at$ 67.07, up 0.45% on the day.

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