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

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Asian stocks rose along with U.S. equity futures Friday after solid economic data and President Joe Biden’s federal spending plans spurred a Wall Street rally in cyclical shares. Treasury yields climbed.

Japanese shares led gains and MSCI Inc.’s Asia-Pacific equity gauge was set for the highest close in a month. Earlier, industrial and financial shares fueled a modest overall increase in the S&P 500, while small-caps outperformed and the tech-heavy Nasdaq 100 slipped. European contracts were in the green.

U.S. data included a drop in jobless claims to a fresh pandemic low. Biden is reportedly set to unveil a budget that would take federal spending to $6 trillion in the coming fiscal year.

The 10-year U.S. Treasury yield reached 1.62% amid growth optimism and concerns of more debt supply to fund spending. The dollar was steady and the yen fell as Japan recommended extending a state of emergency that spans Tokyo to curb infections. China signaled the yuan’s recent appreciation is too rapid with a weaker-than-expected reference rate.

Global stocks are set to climb for a fourth month. The economic rebound from Covid-19 is a bulwark for sentiment, and comments from Federal Reserve officials have helped temper fears that inflation could spark a faster-than-expected reduction in stimulus. Treasury Secretary Janet Yellen said she sees the burst in prices as temporary, though likely to last through the end of 2021.

“Stocks still look attractive here as too much money is getting pumped into the economy and that probably won’t change until the end of summer,” Edward Moya, senior market analyst with Oanda Corp., wrote in a note.

Elsewhere, oil climbed to a more than two-year peak and the Bloomberg Commodity Spot Index rose the most in about two weeks. Bitcoin continued to trade below the $40,000 level.

Several Chinese commodity firms pared back their bullish futures bets at the request of the government, according to people with knowledge of the matter, a further sign of Beijing’s increasing concern over soaring raw material prices.

For more market commentary, see the MLIV blog.

These are some of the main moves in markets:

Stocks

• S&P 500 futures increased 0.3% as of 1:25 p.m. in Tokyo. The gauge rose 0.1%
• Nasdaq 100 contracts added 0.2%. The gauge fell 0.3%
• Japan’s Topix index rose 2%
• Australia’s S&P/ASX 200 was up 1.2%
• South Korea’s Kospi index climbed 0.9%
• Hong Kong’s Hang Seng index added 0.6%
• China’s Shanghai Composite index was little changed
• Euro Stoxx 50 futures increased 0.3%

Currencies

• The Bloomberg Dollar Spot Index was little changed
• The euro was at $1.2188
• The British pound was at $1.4196, slipping 0.1%
• The Japanese yen dipped to 109.85 per dollar
• The offshore yuan was at 6.3620 per dollar, up 0.2%

Bonds

• The yield on 10-year Treasuries rose one basis point to 1.62%
• Australia’s 10-year yield increased seven basis points to 1.70%

Commodities

• West Texas Intermediate crude rose 0.5% to $67.17 a barrel
• Gold was at $1,893.75 an ounce, down 0.1%

— With assistance by Kyoungwha Kim

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