Stock Market Today: Dow, S&P Live Updates for Apr. 27, 2021 - Bloomberg

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Treasury yields rose with U.S. stock-index futures earnings reports supported optimism the developed world is on a firm path toward economic recovery. Commodities surged to the highest levels in almost three years.

Russell 2000 contracts led advances in the derivative market. Yields rose across the curve, while staying below recent peaks. The dollar increased for the first time in three days. Gamestop Inc. soared 10% in early New York trading after completing an “at-the-market” equity offering. Amazon Inc., which will release its profit report this week, also climbed.

Four out of five S&P 500 Index companies that have reported results so far have either met or beaten expectations. That, along with a rapid rollout of Covid-19 vaccination across rich nations, vindicate confidence about a recovery. While equity investors offered a sluggish response to the earnings reports, it only served to highlight traders’ lofty expectations than doubt over the outlook.

“Muted stock-price reaction to the robust numbers is largely due to already elevated expectations going into the reporting season,” strategists led by Mark Haefele, chief investment officer at UBS Global Wealth Management, wrote in a note. “The strong results give us greater confidence that (U.S.) corporate profits will grow more than 30% in 1Q.”

After results from Tesla Inc. this week, all eyes will be on Microsoft Corp. and Google parent Alphabet Inc. which are due to report after trading closes.

With much of the earnings optimism already factored into stocks trading near records, investors may be waiting for stronger beats to fan the next move up.

The Stoxx Europe 600 Index slid 0.2% as investors weighed the scope for further gains. HSBC Holdings Plc rose after saying quarterly earnings more than doubled and returning to profit in Europe and the U.S.

Meanwhile, U.S. data this week are expected to show growth accelerated to an annualized 6.8% in the first quarter. A Conference Board measure Tuesday may show U.S. consumer confidence surged for a fourth successive months to the highest level since March 2020.

Such reports aren’t shifting the Federal Reserve’s highly accommodative stance, with the central bank expected to keep policy unchanged at this week’s meeting.

Copper led the Bloomberg Commodity Index higher, as the growth-sensitive metal extended a rally on the U.S. administration’s plans for a large infrastructure package. Oil climbed after OPEC+ projected a strong recovery beyond near-term demand destruction from India’s Covid-19 surge.

Danielle DiMartino Booth, chief executive officer and chief strategist at Quill Intelligence, discusses Fed policy and her outlook for markets

Markets: China Open.” (Source: Bloomberg)

Here are some key events to watch this week:

• Fed Chair Jerome Powell holds a press conference Wednesday following the Fed meeting
• Joe Biden makes his first address as president to a joint session of Congress Wednesday
• U.S. GDP is forecast to show growth strengthened in the first quarter, bolstered by government stimulus Thursday

These are some of the main moves in markets:

Stocks

• Futures on the S&P 500 Index climbed 0.1% as of 12:40 p.m. London time.
• The Stoxx Europe 600 Index declined 0.2%.
• The MSCI Asia Pacific Index fell 0.3%.
• The MSCI Emerging Market Index increased 0.1%.

Currencies

• The Bloomberg Dollar Spot Index gained 0.1%.
• The euro was little changed at $1.2081.
• The British pound advanced 0.1% to $1.3911.
• The onshore yuan was little changed at 6.483 per dollar.
• The Japanese yen weakened 0.2% to 108.28 per dollar.

Bonds

• The yield on 10-year Treasuries advanced two basis points to 1.59%.
• The yield on two-year Treasuries gained one basis point to 0.17%.
• Germany’s 10-year yield climbed less than one basis point to -0.25%.
• Britain’s 10-year yield gained one basis point to 0.769%.
• Japan’s 10-year yield climbed less than one basis point to 0.085%.

Commodities

• West Texas Intermediate crude gained 0.6% to $62.34 a barrel.
• Brent crude increased 0.5% to $66.04 a barrel.
• Gold was unchanged at $1,780.48 an ounce.

— With assistance by Andreea Papuc, Haslinda Amin, and Emily Barrett

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Stock Market Today: Dow, S&P Live Updates for Apr. 27, 2021 - Bloomberg
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