Stock Market Today: Dow, S&P Live Updates for May. 6, 2021 - Bloomberg

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Most stocks in Asia rose Thursday and U.S. futures edged higher, paring losses after a further deterioration in trade relations between Australia and China. The dollar was steady.

Japan led the region’s gains as trading resumed after a holiday, while Hong Kong also climbed. Shares in Australia and China pared a decline after Chinese officials announced a formal suspension of an economic dialogue with Australia, in a largely symbolic move intended to signal Beijing’s growing frustration with Canberra. Earlier, the tech-heavy Nasdaq 100 closed in the red, while the S&P 500 notched a small gain. European futures ticked up.

Benchmark 10-year Treasury yields edged higher. Oil fluctuated as traders assessed an increase in gasoline stockpiles.

As the world’s largest economy rebounds, investors are increasingly focused on when the central bank might start throttling back its emergency support. Economists surveyed by Bloomberg expect the Fed will announce a reduction in the pace of bond purchases in the fourth quarter. While Chair Jerome Powell hasn’t yet shifted from his message that it’s too soon to discuss such a move, policy makers have begun to address the issue more directly.

Boston Federal Reserve President Eric Rosengren suggested that the U.S. mortgage market no longer needs as much support, advancing the debate on when the central bank might start tapering its monthly bond purchases. Meanwhile, the U.S. Treasury’s auction schedule suggested the government’s financing needs may have peaked.

With Covid-19 cases starting to roll over, “reopening prospects should improve again, and the reflation trade should gather steam again over the coming months,” Esty Dwek, head of global market strategy at Natixis Investment Managers Solutions, said in a note. “The medium-term supports for equities remain unchanged.”

Meanwhile, the surge in commodity prices continues to spur debate over whether price pressures could get out of hand. The Bloomberg Commodity Spot Index returned to its highest level since 2011 as confidence in the recovery boosted demand, while poor weather and transportation bottlenecks threatened supply.

State Street Global Markets, MD & Head of Asia-Pacific Macro Strategy Dwyfor Evans says he remains modestly risk-on.

Source: Bloomberg

For more markets updates see the MLIV <GO> blog.

Here are some key events to watch this week:

• Bank of England rate decision Thursday
• The April U.S. employment report is released on Friday

These are some of the main moves in markets:

Stocks

• S&P 500 futures were steady as of 7:12 a.m. in London. The index was little changed on Wednesday
• Nasdaq 100 futures rose 0.2% after the gauge fell 0.3%
• Japan’s Topix Index rose 1.5%
• South Korea’s Kospi added 0.7%
• Australia’s S&P/ASX 200 Index fell 0.5%
• Hong Kong’s Hang Seng Index rose 0.5%
• China’s CSI 300 Index lost 0.8%
• Euro Stoxx 50 futures were little changed

Currencies

• The Bloomberg Dollar Spot Index was little changed
• The Japanese yen was at 109.29 per dollar, down 0.1%
• The offshore yuan was at 6.4799 per dollar, up 0.1%
• The euro was little changed at $1.2003

Bonds

• The yield on 10-year Treasuries were at 1.57%
• Australia’s 10-year yield slipped four basis points to 1.70%

Commodities

• West Texas Intermediate crude was little changed at $65.74 a barrel
• Gold was at $1,792.53 an ounce, up 0.3%

— With assistance by Jake Lloyd-Smith

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