Stock Market Today: Dow, S&P Live Updates for Jun. 2, 2021 - Bloomberg

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U.S. equities pared back gains Wednesday as the tussle between economic optimism and inflation concern continued to play out in markets.

The S&P 500 was little changed while the Nasdaq 100 was lower, as traders awaited fresh catalysts in economic data, including the U.S. jobs report due later this week. AMC Entertainment Holdings Inc., a favorite among retail traders, rallied. Meanwhile, Tesla Inc. fell after a reported loss in electric-vehicle market share.

The dollar pared back gains amid a trickle of comments from Federal Reserve officials, including Patrick Harker who said it may be time to “think about thinking about” tapering asset purchases. Treasuries, gold and Bitcoin gained. WTI crude futures were also higher, adding to Tuesday’s gains.

As the U.S. economy continues to claw its way back from the pandemic, traders are looking for fresh signals on whether that growth will translate into inflation and ultimately prompt the Fed to withdraw support. On Wednesday, Richmond Fed President Thomas Barkin said he watching for signs of wage pressures building. Up next is Friday’s U.S. payrolls data, which will provide a clearer view of the state of the labor market -- and hints on whether the central bank is likely to scale back its monthly asset purchases.

“It seems like they’re starting to lay the ground work for tapering,” Aaron Clark, portfolio manager at GW&K Investment Management, said of the Fed’s recent signaling. “So I think investors are just in a holding pattern right now.”

The yield on the 10-year Treasury note hasn’t meaningfully budged in weeks as the market has oscillated between favoring growth and value stocks, Emily Roland, co-chief investment strategist at John Hancock Investment Management, said.

“That’s to us is one of the key cross-asset indicators of which direction we go next,” Roland said of the 10-year note.

“Markets are clearly waiting to see what happens with the jobs report,” she said. The last payrolls update clearly weighed on the 10-year and dollar. “We’ll have to see if that narrative reverses.”

Here are key events to watch this week:

• 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

• The S&P 500 was little changed as of 1:24 p.m. New York time
• The Nasdaq 100 fell 0.1% to the lowest since May 21
• The Dow Jones Industrial Average was little changed
• The MSCI World index was little changed

Currencies

• The Bloomberg Dollar Spot Index rose 0%
• The euro was little changed at $1.2208
• The British pound rose 0.1% to $1.4167
• The Japanese yen fell 0.1% to 109.64 per dollar

Bonds

• The yield on 10-year Treasuries declined one basis point to 1.60%
• Germany’s 10-year yield declined two basis points to -0.20%
• Britain’s 10-year yield declined three basis points to 0.80%

Commodities

• West Texas Intermediate crude rose 1.6% to $69 a barrel
• Gold futures rose 0.2% to $1,909 an ounce

— With assistance by Kamaron Leach, and Andreea Papuc

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Stock Market Today: Dow, S&P Live Updates for Jun. 2, 2021 - Bloomberg
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