Stock Market Today: Dow, S&P Live Updates for May 26, 2021 - Bloomberg

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Asian stocks were largely steady Wednesday after softer economic data weighed on U.S. equities. Treasuries maintained a rally as Federal Reserve officials again predicted transitory price pressures.

Shares fluctuated in Japan and climbed in Hong Kong. Chinese equities edged up after surging the most since July on Tuesday. U.S. equity contracts rose and Nasdaq 100 futures outperformed, after the S&P 500 slipped and the tech-heavy gauge made a small gain. Reports showed U.S. new home sales slid and consumer confidence fell slightly amid concerns over inflation and jobs.

Treasury yields are well below this year’s peaks, with more Fed officials joining a chorus downplaying price pressures. A dollar gauge touched the lowest level since early January. Oil was steady, gold erased 2021 losses and Bitcoin held below $40,000 in the wake of last week’s crypto rout.

Signs of easing economic momentum and quickening inflation are giving investors pause for thought as they consider the outlook for the exceptional stimulus buoying markets. Fed Vice Chair Richard Clarida said price pressures would largely be transitory. He added officials may be ready to begin discussing how to taper asset purchases “in upcoming meetings,” echoing recent minutes.

“What we keep hearing from the Fed is that they’re going to take a very different approach to inflation this time around,” Kristina Hooper, Invesco chief global market strategist, said on Bloomberg TV. “The Fed is likely to let the punchbowl stay out a lot longer. The big fear about inflation is that the Fed would act.”

Here are some events this week:

• Reserve Bank of New Zealand policy decision Wednesday, Bank of Korea rate decision Thursday.
• CEOs of the largest U.S. banks, including JPMorgan and Goldman Sachs, will testify before lawmakers in the Senate Banking and House Financial Services committees Wednesday.
• U.S. initial jobless claims, GDP, durable goods, pending home sales on Thursday.

These are some of the main moves in markets:

Stocks

• S&P 500 futures rose 0.3% as of 10:37 a.m. in Tokyo. The gauge fell 0.2%.
• Nasdaq 100 contracts climbed 0.4%. The index added 0.1%.
• Japan’s Topix index rose 0.1%
• Australia’s S&P/ASX 200 index was flat
• South Korea’s Kospi index rose 0.3%
• Hong Kong’s Hang Seng Index added 0.5%
• China’s Shanghai Composite Index increased 0.4%

Currencies

• The yen was at 108.73 per dollar
• The offshore yuan traded at 6.4000 per dollar
• The Bloomberg Dollar Spot Index was steady
• The euro was at $1.2245

Bonds

• The yield on 10-year Treasuries held at about 1.56%
• Australia’s 10-year yield slid four basis points to 1.65%

Commodities

• West Texas Intermediate crude was at $66.08 a barrel
• Gold added 0.2% to $1,903.56 an ounce after rising 1%

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Stock Market Today: Dow, S&P Live Updates for May 26, 2021 - Bloomberg
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