Stock Market Today: Dow, S&P Live Updates for Apr. 28, 2021 - Bloomberg

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Asian stocks were steady Wednesday and U.S. equity futures edged higher amid cautious trading following a renewed rise in Treasury yields ahead of the Federal Reserve’s policy decision.

Shares rose modestly in Japan, fell in South Korea and fluctuated in China. European and U.S. equity futures inched up after drops in heavyweights like Tesla Inc. weighed on U.S. stock gauges as investors digested earnings.

Treasuries held a decline that sent benchmark 10-year yields back above 1.6%. A surge in commodities including copper and wheat paused but is fanning concerns about prices pressures. Goldman Sachs Group Inc. analysts predicted commodities will extend their scorching rally over the next six months as the global economy rebounds from the pandemic.

The U.S. dollar extended an advance, while the Australian dollar fell after weaker-than-expected inflation data reinforced the view that monetary policy normalization will lag behind the Fed.

Bond yields are rising again as markets await updates on government and central bank stimulus, with U.S. President Joe Biden set to address Congress and the Fed delivering its policy statement Wednesday. Investors are watching for any signs of the central bank pulling back on asset purchases as the economy gathers strength, amid concerns that any withdrawal of support could trigger volatility in global rates and risk assets.

“This is a Fed which is oriented toward the market -- they’ve boxed themselves in, in the sense that they’ve given the market a lot of reason to depend on them,” Komal Sri-Kumar, president of Sri-Kumar Global Strategies Inc., told Bloomberg TV. “If the Fed chairman changes tack you’re going to have a massive market correction.”

The equity market reaction to a generally strong earnings season so far has been subdued, with investors setting a high bar for incentives to push up stock prices. Four out of five S&P 500 companies that have released results have either met or beaten expectations.

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 Thursday is forecast to show growth strengthened in the first quarter
• For live updates and commentary on the markets see the MLIV blog

These are some of the main moves in markets:

Stocks

• S&P 500 futures were up 0.1% at 12:40 p.m. in Tokyo. The S&P 500 was little changed
• Nasdaq 100 futures were up 0.2%, after the index fell 0.5%
• Japan’s Topix Index rose 0.5%
• South Korea’s Kospi Index was down 0.9%
• Australia’s S&P/ASX 200 Index was up 0.5%
• Hong Kong’s Hang Seng Index rose 0.1%
• China’s Shanghai Composite Index was steady
• Euro Stoxx 50 contracts advanced 0.2%

Currencies

• The yen was down 0.2% at 108.86 per dollar
• The offshore yuan was at 6.4822 per dollar
• The euro was 0.1% lower at $1.2077
• The Bloomberg Dollar Spot Index was 0.1% higher

Bonds

• The yield on 10-year Treasuries was at 1.62%
• Australia’s 10-year bond yield was at 1.72%

Commodities

• West Texas Intermediate crude fell 0.1% to $62.90 a barrel
• Gold was 0.3% lower at $1,772.10 an ounce

— With assistance by Vildana Hajric, Kamaron Leach, and Vivien Lou Chen

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Stock Market Today: Dow, S&P Live Updates for Apr. 28, 2021 - Bloomberg
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