Stock Market Today: Dow, S&P Live Updates for Jun. 3, 2021 - Bloomberg

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Most Asian stocks climbed Thursday and U.S. equity contracts were steady, weathering the latest twist in U.S.-China ties as well as Federal Reserve comments on a potential reduction in stimulus.

Optimism over a vaccine rollout boosted Japanese equities, while China edged up and Hong Kong retreated. S&P 500 and Nasdaq 100 futures were marginally in the green after the gauges posted a modest increase. Ten-year U.S. Treasury yields held below 1.60% and a dollar gauge fluctuated.

Traders took in their stride comments from Philadelphia Fed President Patrick Harker, who said the U.S. central bank should begin discussing the time frame for paring back its bond-buying program. Friday’s U.S. jobs report may offer clues on the economic rebound from the pandemic and inflation risks.

Chinese shares shrugged off President Joe Biden’s plans to amend a U.S. ban on investments in companies linked to China’s military, which may expand scrutiny to a wider set of enterprises.

Markets are grappling with a range of cross-currents, including the risk that inflation could prove sticky, the prospect of a gradual reduction in emergency stimulus and speculative fervor emerging again in so-called meme stocks like AMC Entertainment Holdings Inc. Global equities, meanwhile, are hovering at record levels after a powerful rally from pandemic lows.

The various comments from officials help “the Fed to communicate early and communicate often so that the public gets so comfortable with the idea of tapering,” Kristina Hooper, Invesco chief global market strategist, said on Bloomberg Television.

Fed officials have previously said price pressures are likely transient and that policy makers will nurture the reopening from the health crisis. BlackRock Inc. Chief Executive Officer Larry Fink said the potential for a spike in inflation may be underestimated.

The U.S. central bank said it plans to begin gradually selling a portfolio of corporate debt purchased through an emergency lending facility launched last year, as the Covid-19 pandemic was spreading panic through financial markets.

Oil added to gains on the prospect of a recovery in demand. Bitcoin traded at about $37,500, holding its advance this week after May’s cryptocurrency rout.

Mitul Kotecha, chief emerging-market Asia and Europe strategist at TD Securities, discusses oil, rising inflation, the Chinese yuan and the dollar.

Source: Bloomberg

Key to watch this week will be the May U.S. employment report on Friday.

These are some of the main moves in markets:

Stocks

• S&P 500 futures rose 0.1% as of 12:51 p.m. in Tokyo. The index rose 0.1%
• Nasdaq 100 contracts added 0.1%. The index climbed 0.2%
• Japan’s Topix index increased 0.7%
• Australia’s S&P/ASX 200 index was up 0.4%
• South Korea’s Kospi index rose 0.9%
• Hong Kong’s Hang Seng index shed 0.4%
• China’s Shanghai Composite gauge rose 0.4%

Currencies

• The Bloomberg Dollar Spot Index was little changed
• The euro was at $1.2207
• The Japanese yen was at 109.68 per dollar
• The offshore yuan was at 6.3842 per dollar

Bonds

• The yield on 10-year Treasuries held at 1.59%
• Australia’s 10-year bond yield fell three basis points to 1.66%

Commodities

• West Texas Intermediate crude was at $69.24 a barrel, up 0.6%
• Gold was at $1,904.82 an ounce, down 0.2%

— With assistance by Jennifer Bissell-Linsk

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