US stocks erase gains as bond yields rise

US stocks pared gains today, Aug. 7, as bond yields recovered to previous levels and the expected monthly jobs report heightens economic fears.

Dow Jones Industrial Average dipped 234 points, or 0.6%, to 38,763 points, after touching the 39,477 level. The industrial index recorded its worst monthly start since February 2018, according to Dow Jones Market data.

S&P 500 dropped 0.75%, or 40 points, to 5,199 points and the Nasdaq Composite lost over 1%, or 171 points, to 16,195 points.

Super Micro Computer Inc. (SMCI) fell 20.15% to $492.70, after disclosing its quarterly results, which missed the analyst forecasts.

As for the European indices, STOXX Europe 600 inched up 1.55%, to 495.9 points.

CAC 40 added 1.9% to 7,266 points, FTSE 100 gained 1.75% to 8,166 points, and DAX 40 increased 1.5% to 17,615 points.

In Japan, the Nikkei 225 rose 1.2%, or 414 points to 35,089. TOPIX increased by 2.25%, or 55 points, to 2,489 points.

In the oil market, futures contracts for Brent crude for October delivery rose by 2.4%, or $1.85, to $78.33 per barrel.

Meanwhile, prices of West Texas Intermediate (WTI) crude oil for September delivery inched up 2.75%, or $2.03, to $75.23 per barrel.

As for gold, futures prices for the yellow metal for December delivery remained unchanged at $2,432 per ounce.