U.S. Stocks Fluctuate With Pound Before Brexit Vote

U.S. stocks fluctuated with the pound ahead of Thursday’s vote on whether the U.K. will leave the European Union or stay, while Treasuries halted the longest slide since April.

The S&P 500 swung from gains to losses, while European shares edged higher as fresh polls showed voters may elect to leave the EU while bookmakers’ odds still implied a one-in-four chance that happens. Treasury yields fell from a two-week high after investors bought $46 billion of debt from auctions. Crude fell after U.S. inventories dropped less than forecast. Oil slid below $49 a barrel.

“I expect today’s trading to look much like yesterday’s in that it may have a positive bias, but I can’t envision a scenario where the markets will rally significantly,” said Mark Luschini, chief investment strategist at Philadelphia-based Janney Montgomery Scott LLC, which manages $54 billion. “If the referendum ends up leaning towards a Brexit, those holding riskier assets would be caught.”

The pound rose 0.1 percent to $1.4659, after advancing as much as 0.8 percent to the highest level since Dec. 30. A new poll on the EU referendum conducted by Opinium showed 45 percent opting to leave and 44 percent to remain.