Earnings continued to set the tone on global equity markets, as U.S. stocks retreated from record levels amid a mix of corporate results that raised some concern about the economy’s strength. Crude fell amid a stockpile glut, while Treasuries rose with gold.

Positive earnings set the tone for equity markets, pushing U.S. stocks to fresh records, while the dollar traded at a seven-week high as speculation grew the U.S. will raise interest rates this year. Turkey’s lira fell to a record.

U.S. stocks declined as crude oil slid to a three-month low, while a stronger dollar weighed on metals ahead of central bank meetings in the U.S. and Japan this week.

Corporate earnings set the tone on global equity markets, with stocks from Europe to the U.S. slipping after a three-week run added $4.6 trillion in value worldwide. Treasuries rose with gold on haven demand.

The high-defense, low-volatility stock cabal whose leadership has defined the rally of 2016 is beginning to see its influence wane.

U.S. stocks advanced, pushing to fresh records, as quarterly results from Microsoft Corp. and Morgan Stanley spurred optimism that corporate earnings can support further gains.