Stock Market Today: Dow, S&P Live Updates for May 10 - Bloomberg

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Nasdaq futures fell as surging commodity prices stoked concern about whether inflation will derail a growth rebound in the world’s largest economy and spoil a record stock rally.

The tech-heavy index has been whipsawed by the prospect of inflation which can threaten longer-horizon revenues typical of the industry. Contracts on the S&P 500 Index were steady. Treasury yields edged up toward 1.60% as traders brace for a busy week of auctions.

Gasoline jumped as much as 4.2% to a three-year high before paring gains after a cyberattack forced the closure of a key U.S. pipeline. Iron ore futures surged and copper jumped to a record, adding to inflation worries.

The run-up in raw materials is intensifying debate ahead of a U.S. CPI report this week that is forecast to show price pressures increased in April.

“The strong inflation figures that are expected this week could change the market narrative and raise concerns about the risk that inflation pressures are picking up significantly, even if the real economic recovery will remain far from complete for some time,” according to Credit Agricole SA strategists led by Jean-Francois Paren. “If this is the case, it could weigh on risk appetite in the coming days and weeks.”

Investors will also parse comments from a series of Federal Reserve speakers for guidance on their thinking about the path of growth and policy after data on U.S. payrolls Friday trailed a projected one million jump.

China’s onshore yuan hit its strongest level versus the dollar since 2018. The pound touched a 10-week high after U.K. elections denied Scotland’s main independence party an outright majority and strengthened the grip of the Conservatives

European stocks opened flat. In Asia, Australian stocks ended at an all-time high, while Hong Kong and China dropped.

The MLIV Question of the Day: How Could Highest CPI in Decade Hit Assets?

Here are some key events to watch this week:

• A range of Fed speakers are due this week, including Chicago Fed President Charles Evans on the economic outlook Monday and U.S. Fed Governor Lael Brainard on Tuesday, among others
• Chinese inflation data are due Tuesday
• OPEC monthly Oil Market Report is published with global demand forecasts and production estimates Tuesday
• U.S. CPI report Wednesday is forecast to show prices continued to increase in April
• Bank of England Governor Andrew Bailey speaks Wednesday

These are some of the main moves in markets:

Stocks

• Futures on the S&P 500 Index climbed 0.1% as of 9:10 a.m. London time.
• The Stoxx Europe 600 Index increased 0.1%.
• The MSCI Asia Pacific Index advanced 0.5%.
• The MSCI Emerging Market Index gained 0.2%.

Currencies

• The Bloomberg Dollar Spot Index was little changed.
• The euro declined 0.2% to $1.2143.
• The British pound jumped 0.6% to $1.4066.
• The onshore yuan strengthened 0.1% to 6.429 per dollar.
• The Japanese yen weakened 0.3% to 108.93 per dollar.

Bonds

• The yield on 10-year Treasuries increased one basis point to 1.59%.
• The yield on two-year Treasuries dipped less than one basis point to 0.14%.
• Germany’s 10-year yield gained one basis point to -0.21%.
• Japan’s 10-year yield decreased less than one basis point to 0.087%.
• Britain’s 10-year yield jumped two basis points to 0.799%.

Commodities

• West Texas Intermediate crude gained 0.7% to $65.33 a barrel.
• Brent crude increased 0.7% to $68.73 a barrel.
• Gold strengthened 0.2% to $1,835.08 an ounce.

— With assistance by Serene Cheong, and Robert Brand

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Stock Market Today: Dow, S&P Live Updates for May 10 - Bloomberg
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