Stock Market Today: Dow, S&P Live Updates for May. 12, 2021 - Bloomberg

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U.S. equity-index futures wavered as investors awaited inflation figures to gauge the risk that price pressures will stifle a growth rebound in the world’s biggest economy.

Contracts on the S&P 500 index erased an earlier loss, while those on the tech-heavy Nasdaq 100 held a decline. European stocks opened higher, lifted by gains in miners and optimism about economic re-openings. Diageo Plc rose after forecasting earnings growth as sales at the world’s largest distiller recover on consumer demand. Treasury yields and the dollar steadied.

Debate over whether inflation will be persistent enough to force the Federal Reserve to tighten policy sooner than current guidance suggests comes as abundant stimulus has powered a rally in global equities, raising concerns valuations had become expensive. Consumer-price inflation is set to quicken, with the year-on-year comparison amplified by the shock of Covid-19 shutdowns in 2020.

Yet a chorus of Fed officials have stepped in to reassure investors that the U.S. recovery still faces risks, and it’s premature to discuss pulling back monetary support.

Oil was steady above $65 per barrel. The biggest U.S. pipeline is still closed in the wake of a cyberattack, leading to acute fuel shortages in some parts of the nation.

Most Asian stocks slid, with an Asia-Pacific index closing at its lowest since March. Markets rallied in China and Hong Kong amid news that Xiaomi Corp. and the U.S. government have reached an agreement to set aside a Trump administration blacklisting that could have restricted American investment in the Chinese smartphone maker.

A Chinese commodity exchange raised trading limits and margin requirements as authorities try to temper prices after a scorching rally in industrial commodities.

MLIV’s Question of the Day: How Priced In Is a European Reopening?

Here are some key events to watch this week:

• 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 were little changed at 8:56 a.m. London time.
• The Stoxx Europe 600 Index gained 0.6%.
• The MSCI Asia Pacific Index fell 1%.
• The MSCI Emerging Market Index dipped 0.5%.

Currencies

• The Bloomberg Dollar Spot Index gained 0.1%.
• The euro declined 0.1% to $1.2139.
• The British pound was little changed at $1.4147.
• The onshore yuan weakened 0.2% to 6.44 per dollar.
• The Japanese yen weakened 0.2% to 108.79 per dollar.

Bonds

• The yield on 10-year Treasuries declined one basis point to 1.61%.
• The yield on two-year Treasuries decreased less than one basis point to 0.16%.
• Germany’s 10-year yield fell one basis point to -0.17%.
• Japan’s 10-year yield climbed one basis point to 0.083%.
• Britain’s 10-year yield sank one basis point to 0.821%.

Commodities

• West Texas Intermediate crude gained 1.1% to $65.97 a barrel.
• Brent crude gained 1% to $69.24 a barrel.
• Gold weakened 0.2% to $1,833.72 an ounce.

— With assistance by Michael Msika, Emily Barrett, and Ksenia Galouchko

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Stock Market Today: Dow, S&P Live Updates for May. 12, 2021 - Bloomberg
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