Investors are pulling money from US equities and flocking into cash funds, Bank of America says, amid renewed concerns that sweeping tariffs are crimping economic growth. Stocks are ticking higher in most places around the world this morning, with a big jump in Japan after the US eased some of its tariffs on the country.

Oil headed for the biggest weekly loss since June, as traders judged that US efforts to end to the war in Ukraine would not impact supplies, even as Washington imposed penalties on India for importing Moscow's crude.

The premium for gold futures in New York over the London spot price jumped after the Financial Times reported US imports of one-kilogram bullion bars are now subject to tariffs. The magnitude of the divergence is unusual and mirrors a blowout earlier this year when fears over potential US tariffs created large price dislocations.

Treasury yields rose to the highest level in a week in the aftermath of a trio of soft US bond auctions, a sign of waning demand for the government's debt.

Wall Street halted a rally that drove stocks to the brink of a record amid concerns about an overheated market. The S&P 500 closed little changed after an almost 30% advance from its April lows.