Stock Market Today: Dow, S&P Live Updates for May. 7, 2021 - Bloomberg

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Asian stocks headed higher after rallies in U.S. indexes on positive economic data, and commodities extended their advance. The dollar held losses.

Markets opened higher in China and Hong Kong. Shares also rose in Japan, South Korea and Australia. U.S. contracts climbed after renewed gains in U.S. benchmarks overnight, which included a fresh record for the Dow Jones Industrial Average. Copper soared to an all-time high on expectations that rebounding economies will spur a boom in global demand.

China’s open shrugged off news overnight that the Biden administration is likely to preserve limits on U.S. investments in certain Chinese companies.

U.S. economic reports helped sentiment, as applications for state unemployment insurance fell to a fresh pandemic low, and separate data showed a rebound in productivity. Traders now turn to Friday’s payrolls numbers. Treasuries were steady with yields well below recent highs.

“With jobless claims hitting a pandemic-era low, anticipation for the full jobs picture tomorrow mounts,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “Today’s read is another proof point that we’re one step closer to full economic recovery. As we see some serious momentum building on the jobs front, all eyes will be on how this plays into action taken by the Fed.”

Investors are focusing on strengthening growth in the world’s largest economy, shaking off concerns for now that a faster-than-expected rebound could spur excessive inflation. The Federal Reserve remains committed to near-zero interest rates to bring about a full recovery, though an announcement of a pullback in its heavy monthly bond purchases seems increasingly likely in the second half of this year.

Increased attention to stretched valuations could spur more talk of the Fed adjusting policy. The central bank’s semi-annual financial stability report noted rising appetite for risk across a variety of asset markets could exacerbate vulnerabilities in the U.S. financial system.

Elsewhere, spot iron ore broke $200 a ton for the first time, while copper approached a record high. Oil climbed.

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

These are some of the main moves in markets:

Stocks

• S&P 500 futures were up 0.2% at 10:50 a.m. in Tokyo, after the index rose 0.8%
• Nasdaq 100 contracts rose 0.4%. The index gained 0.8%.
• Japan’s Topix Index climbed 0.5%
• Hong Kong’s Hang Seng Index climbed 0.7%
• The Shanghai Composite was up 0.1%
• South Korea’s Kospi was up 0.7%
• Australia’s S&P/ASX 200 Index rose 0.5%

Currencies

• The Bloomberg Dollar Spot Index was steady
• The euro traded at $1.2067
• The British pound was $1.3895
• The Japanese yen was 109.02 per dollar

Bonds

• The yield on 10-year Treasuries was little changed at 1.57%
• Australia’s 10-year yield rose one basis point to 1.69%

Commodities

• West Texas Intermediate crude traded just below $65 a barrel
• Gold futures traded at $1,815 an ounce

— With assistance by Vildana Hajric, and Rita Nazareth

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Stock Market Today: Dow, S&P Live Updates for May. 7, 2021 - Bloomberg
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