Stock Market Today: Dow, S&P Live Updates for Jun. 24, 2021 - Bloomberg

unitedstatepolitics.blogspot.com

Asian stocks were steady Thursday after U.S. shares moved in narrow ranges as traders digested commentary from Federal Reserve officials on the outlook for stimulus. Treasuries retreated.

Stocks were little changed in Japan and edged lower in China, where the central bank boosted its short-term cash injection for the first time since March. U.S. futures advanced, following a modest drop in the S&P 500 despite gains among firms that benefit from economic reopening. A rally in Tesla Inc. helped the Nasdaq Composite eke out another record.

Dallas Fed President Robert Kaplan, who’s penciled in a rate hike next year, said the economy will likely meet the Fed’s threshold for tapering asset purchases sooner than people think. His Atlanta counterpart Raphael Bostic said the central bank could decide to slow such purchases in the next few months.

The yen held a slump in part as the rebound from the pandemic dents the allure of haven currencies. South Korea’s won rose after central bank Governor Lee Ju-yeol gave his clearest signal yet that interest-rate increases are in the pipeline. The nation’s stock index is at an all-time high.

Fed officials have sought to reassure markets that loose monetary policy remains in place to support the recovery, while also flagging a possible gradual withdrawal of emergency support in the months ahead. They’ve also stressed that any action will depend on inflation and employment goals being met. That’s stirred a debate on the outlook for markets, especially bets tied to accelerating growth, which have dominated investor thinking this year.

“The thing to keep in mind is, yes, the rhetoric is saying we might be hiking as soon as 2022, but it’s already priced into market expectations,” Nancy Davis, Quadratic Capital Management founder and chief investment officer, said on Bloomberg TV. “The Fed is saying nothing new, they’re just saying what the market already knew.”

Data Wednesday showed U.S. manufacturing activity expanded in June at the fastest pace in records dating back to 2007. Factories are grappling with supplier delays, record growth in input costs and hiring difficulties.

Meanwhile, Treasury Secretary Janet Yellen said her department may exhaust emergency measures to avoid breaching the U.S. debt limit as soon as August unless Congress acts to avert a potential default that would be “catastrophic.”

Crude oil held above $73 a barrel. Bitcoin traded at around $32,700, steadying after a slide earlier in the week.

The U.S. is poised to bar some solar products made in China’s Xinjiang region, according to several people familiar with the matter.

Daybreak: Australia.” (Source: Bloomberg)

For more market commentary, follow the MLIV blog.

Here are some events to watch this week:

• Bank of England interest rate decision Thursday
• The Fed releases Thursday the results of stress tests on the largest U.S. banks
• U.S. wholesale inventories, initial jobless claims, GDP, durable goods due Thursday
• U.S. personal income/spending, University of Michigan sentiment on Friday

These are some of the main moves in financial markets:

Stocks

• S&P 500 futures rose 0.2% as of 12:30 p.m. in Tokyo. The index fell 0.1%
• Nasdaq 100 futures climbed 0.2%. The gauge was little changed
• Japan’s Topix index was little changed
• South Korea’s Kospi index climbed 0.4%
• Australia’s S&P/ASX 200 retreated 0.2%
• China’s Shanghai Composite index fell 0.2%
• Hong Kong’s Hang Seng index shed 0.1%

Currencies

• The Bloomberg Dollar Spot Index was steady
• The euro was at $1.1924
• The Japanese yen was at 111 per dollar
• The offshore yuan was at 6.4818 per dollar

Bonds

• The yield on 10-year Treasuries ticked up to 1.49%

Commodities

• West Texas Intermediate crude was at $73.16 a barrel
• Gold was at $1,775.66 an ounce

— With assistance by Eric Lam

Adblock test (Why?)

"Market" - Google News
June 24, 2021 at 04:59AM
https://ift.tt/3wSjpqW

Stock Market Today: Dow, S&P Live Updates for Jun. 24, 2021 - Bloomberg
"Market" - Google News
https://ift.tt/2Yge9gs
https://ift.tt/2Wls1p6