Stock Market Today: Dow, S&P Live Updates for Mar. 31, 2021 - Bloomberg

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Asian stocks were steady Wednesday amid upward pressure on bond yields as investors await more details on the next leg of U.S. stimulus spending. The dollar held gains as it wraps up its best quarter in a year.

Banks dragged Japan’s equity gauge lower after Mitsubishi UFJ Financial Group Inc. joined the list of firms globally to take a hit from the meltdown at Bill Hwang’s Archegos Capital Management. Chinese shares retreated while Hong Kong rose. U.S. equity futures edged up after the S&P 500 ended lower.

Ten-year Treasury yields advanced in Asian trading. They touched 1.77% in the overnight session, a 14-month high, before subsiding. Gold traded around multi-month lows under $1,700 per ounce. Oil was steady before the April 1 meeting of OPEC and its allies.

Investors are watching the course of the U.S. growth rebound and its possible impact on inflation, amid concerns that a renewed rise in bond yields could hit some stocks. President Joe Biden is poised to unveil a large infrastructure package, and key jobs data are due Friday. The International Monetary Fund will upgrade its forecast for global economic growth next week.

“We believe that the equity market rally and cyclical rotation have room to run as improving economic expectations make their way to reality via earnings growth,” Lauren Goodwin, portfolio strategist at New York Life Investments, said in a note.

A gauge of China’s manufacturing industry picked up in March, suggesting the recovery there is gathering pace as economic activity returns to normal and domestic and overseas demand strengthens.

Bitcoin got a bump up after PayPal Holdings Inc. announced a new service for buying with cryptocurrencies.

Some key events to watch this week:

• President Biden is expected to unveil his infrastructure program Wednesday.
• EIA crude inventory report Wednesday.
• OPEC+ meets to discuss production levels for May on Thursday.
• China Caixin PMI due Thursday.
• U.S. employment report for March on Friday.
• Good Friday starts the Easter weekend in countries including the U.S., U.K., France, Germany, Australia and Canada.

Stocks

• S&P 500 futures were up 0.2% as of 10:54 a.m. in Tokyo. The S&P 500 Index dipped 0.3%.
• Japan’s Topix index fell 0.5%.
• Australia’s S&P/ASX 200 Index rose 1.8%.
• South Korea’s Kospi index rose 0.4%.
• Hong Kong’s Hang Seng Index added 0.3%.
• China’s Shanghai Composite Index fell 0.8%.

Currencies

• The yen was at 110.60 per dollar, down 0.2%.
• The offshore yuan was at 6.5744 per dollar.
• The Bloomberg Dollar Spot Index was flat.
• The euro traded at $1.1715.

Bonds

• The yield on 10-year Treasuries rose about three basis points to 1.73%.
• Australia’s 10-year bond yield rose four basis points to 1.82%.

Commodities

• West Texas Intermediate crude added 0.2% to $60.67 a barrel.
• Gold was at $1,681.56 an ounce, falling 0.2%.

— With assistance by Vildana Hajric

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Stock Market Today: Dow, S&P Live Updates for Mar. 31, 2021 - Bloomberg
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