Stock Market Today: Dow, S&P Live Updates for April 12 - Bloomberg

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Asian stocks opened little changed Monday after a third straight weekly Wall Street advance, with Federal Reserve Chair Jerome Powell flagging the prospect of stronger growth and hiring. The dollar ticked up.

Equity markets were steady in Japan, South Korea and Australia. U.S. futures dipped after a solid U.S. session Friday, with the S&P 500 Index closing above 4,100 as investors braced for earnings reports this week.

The yield on 10-year Treasuries edged higher, extending Friday’s advance after stronger-than-expected producer-price inflation data, and ahead of a heavy week of supply. Rates on Australian 10-year debt jumped past 1.8%.

Traders will be monitoring the start of the day in China and Hong Kong after Chinese authorities imposed a record antitrust fine on e-commerce giant Alibaba Group Holding Ltd.

While the economic recovery from the pandemic is picking up speed, policy makers continue to highlight the need for more progress before they will consider withdrawing exceptional support. Traders are watching price pressures as growth rebounds. The U.S. releases consumer-price inflation data this week, with market-based expectations at multiyear highs.

The U.S. economy is at an “ inflection point” with stronger growth and hiring ahead thanks to rising vaccinations and powerful policy support, Powell told CBS’s 60 Minutes in an interview aired Sunday. He warned that a resurgence of Covid-19 remains the principal risk to the economy.

“The Fed is going to be more concerned about the labor market,” Sian Fenner, senior economist at Oxford Economics, told Bloomberg News. “Definitely inflation’s not spiraling out of control.”

Investors are wary of supply stirring more rates-market volatility, however. Bonds have rallied from the losses that roiled equity markets earlier this year, but another heavy round of auctions could pressure yields higher again. The U.S. sells three-, 10- and 30-year Treasuries at the start of the week.

Oil inched back toward $60 a barrel after a 3.5% drop last week. Bitcoin eased from a rally past $61,000 on the weekend. The forthcoming listing of cryptocurrency exchange Coinbase Global Inc. in the U.S. has put the spotlight back on the digital-token sector.

Some key events to watch this week:

• Banks and financial firms begin reporting first-quarter earnings, including JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Morgan Stanley, Goldman Sachs Group Inc.
• U.S. officials and company executives are due to discuss the global shortage of computer chips on Monday.
• The U.S. releases inflation data Tuesday.
• Chinese trade data are scheduled for Tuesday.
• Economic Club of Washington hosts Fed Chair Jerome Powell for a moderated Q&A on Wednesday.
• U.S. Federal Reserve releases Beige Book on Wednesday.
• U.S. data including initial jobless claims, industrial production and retail sales come Thursday.
• China economic growth, industrial production and retail sales figures are on Friday.

These are some of the main moves in financial markets:

Stocks

• S&P 500 futures dipped 0.3% as of 9:15 a.m. in Tokyo. The index rose 0.8% on Friday.
• Japan’s Topix Index was up 0.1%.
• South Korea’s Kospi Index climbed 0.1%.
• Australia’s S&P/ASX 200 Index slipped 0.4%.
• Hang Seng futures rose 0.1% earlier.

Currencies

• The Bloomberg Dollar Spot Index edged up less than 0.1%.
• The yen was steady at 109.70 per dollar.
• The euro was at $1.1898.
• The offshore yuan was at 6.5629 per dollar.

Bonds

• The yield on 10-year Treasuries added another basis point to 1.67%.
• Australia’s 10-year yield climbed five basis points to 1.81%.

Commodities

• West Texas Intermediate crude was up 0.4% at $59.56 a barrel.
• Gold was down 0.2% at $1,741.10 an ounce.

— With assistance by Ishika Mookerjee

(An earlier version corrected the day of the U.S. CPI release.)

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Stock Market Today: Dow, S&P Live Updates for April 12 - Bloomberg
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