Stock Market Today: Dow, S&P Live Updates for Jun. 1, 2021 - Bloomberg

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Stocks and equity futures were steady and commodities including oil rose Tuesday, supported by optimism about the economic recovery from the pandemic. Treasury yields ticked higher.

MSCI Inc.’s gauge of Asia-Pacific equities climbed to the highest level in over a month, bolstered by gains in South Korea and Hong Kong. Sentiment was helped by reports signaling manufacturing grew in Asia in May despite Covid-19 flareups. S&P 500 and Nasdaq 100 futures were little changed following a U.S. holiday, while European contracts advanced.

The dollar edged lower and the offshore yuan was stable following China’s latest effort to restrain the currency. The pound rallied to a three-year high on vaccine-led reopening optimism for the U.K. Australia’s dollar trimmed gains after the central bank left key policy settings unchanged.

Oil jumped after the OPEC+ alliance forecast a tightening market. Commodities from iron ore to copper also pushed higher, a reminder of the rising costs that are stoking concerns about faster inflation and possible reductions in stimulus.

Global stocks are starting the new month near record highs, underpinned by the recovery from the health crisis and ample liquidity. Still, concerns linger that rising price pressures could prompt central banks to withdraw support earlier than anticipated. Traders are awaiting key American jobs data later in the week to help assess the path of the rebound.

“The inflation outlook is a risk because it is so unknown at the moment, and it will take a number of months to really get a true idea of whether we will see that inflation be persistently higher or not,” Kerry Craig, JPMorgan Asset Management global market strategist, said on Bloomberg TV.

Here are key events to watch this week:

• OPEC+ meets to review oil production levels Tuesday
• Philadelphia Fed President Patrick Harker, Chicago Fed President Charles Evans, Atlanta Fed President Raphael Bostic and Dallas Fed President Robert Kaplan speak Wednesday
• U.S. employment report for May on Friday

These are some of the main moves in markets:

Stocks

• S&P 500 futures were steady as of 7 a.m. in London. The gauge was little changed Friday.
• Nasdaq 100 futures were flat. The index rose 0.2% Friday.
• Japan’s Topix index added 0.2%
• Australia’s S&P/ASX 200 Index dropped 0.1%
• South Korea’s Kospi index rose 0.5%
• Hong Kong’s Hang Seng Index rose 0.6%
• China’s Shanghai Composite Index was little changed
• Euro Stoxx 50 futures edged up 0.3%

Currencies

• The yen traded at 109.48 per dollar, up 0.1%
• The offshore yuan was at 6.3720 per dollar
• The Bloomberg Dollar Spot Index fell 0.1%
• The euro was at $1.2226

Bonds

• The 10-year U.S. Treasury yield rose about two basis points to 1.62%
• Australia’s 10-year bond yield was at 1.71%

Commodities

• West Texas Intermediate crude rose 2.1% to $67.68 a barrel
• Gold was at $1,912.70 an ounce, up 0.3%

— With assistance by Robert Brand, and Shikhar Balwani

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Stock Market Today: Dow, S&P Live Updates for Jun. 1, 2021 - Bloomberg
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