(Bloomberg) -- Asian stocks drifted Wednesday amid doubts over the timing of a spending package from Washington and as investors trimmed positions in some high-flying sectors. Gold steadied after tumbling the most in seven years.Shares ticked lower in Shanghai, Sydney and Seoul. Hong Kong opened flat, while Japan climbed. S&P 500 rose. The benchmark fell for the first time in eight trading sessions Tuesday as investors sold some of the rally’s biggest winners. Some traders cited comments from Senate Majority Leader Mitch McConnell saying stimulus talks are at a stalemate as a catalyst for the declines. Treasury yields held their overnight rise. New Zealand’s main stock gauge fell after evidence of new coronavirus cases in the country forced fresh restrictions. Crude oil edged up.Investors are considering the possibility that a stalemate in Washington could significantly delay the U.S. virus rescue package, weighing on the nascent recovery. Meanwhile, the massive rally in gold that sent the haven metal to record highs above $2,000 an ounce reversed course Tuesday, as a rise in bond yields cut into the negative real rates that had supported the metal.We are seeing some portfolio switching “given the constant flurry of concerns about crowded positioning and stretched valuations in growth sectors such as tech and communication services,” said Matthew Sherwood, head of investment strategy for multi-asset at Perpetual Investment. “Value and cyclicals continue to be supported by positive economic surprise momentum.”Meanwhile, Joe Biden chose Senator Kamala Harris as his running mate, betting that her ties to the African-American community and self-branding as a “progressive prosecutor” will help propel him to the White House. On the virus front, California reported a sharp jump in cases.Here are some key events coming up:Earnings include E.ON, Deutsche Telekom, Carlsberg, Tencent and JD.com.New Zealand’s central-bank policy decision is due on Wednesday.U.S. CPI for July is scheduled for Wednesday.China releases a slew of data for July on Friday, including industrial production and retail sales.These are the main moves in markets:StocksFutures on the S&P 500 rose 0.2% as of 9:22 a.m. in Hong Kong. The index fell 0.8% on Tuesday.Japan’s Topix Index rose 0.7%.Hong Kong’s Hang Seng lost 0.1%.Korea’s Kospi Index fell 0.4%.Australia’s S&P/ASX 200 Index dipped 0.3%.New Zealand’s S&P/NZX 50 fell 1.2%.Euro Stoxx 50 futures declined 0.7%.CurrenciesThe yen was little changed at 106.53 per dollar.The offshore yuan fell 0.1% to 6.9483 per dollar.The euro was little changed at $1.1737.The Bloomberg Dollar Spot Index was little changed.BondsThe yield on 10-year Treasuries held at 0.64%. It rose more than six basis points Tuesday.Australia’s 10-year bond yield rose more than three basis points to 0.90%.CommoditiesGold was at $1,917.57 an ounce, up 0.3%.West Texas Intermediate crude was 0.4% higher at $41.76 a barrel.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Futures rose modestly after Tuesday's market sell-off. Stock splits are meaningless? Tesla jumped overnight after announcing a 5-for-1 split. Moderna rose on a coronavirus vaccine deal.
NIO earnings call for the period ending June 30, 2020.