Stock Market Today: Dow, S&P Live Updates for Jun. 29, 2021 - Bloomberg

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Stocks extended their June rally, defying concern over elevated valuations and a highly infectious coronavirus strain that’s spurred caution among investors around the world.

Almost every major group in the S&P 500 rose on Tuesday, with the benchmark gauge of American equities heading toward its longest monthly advance since August. The Dow Jones Industrial Average outperformed after some big Wall Street banks boosted payouts to shareholders, while the tech-heavy Nasdaq 100 fluctuated. Moderna Inc. surged after saying its vaccine produced protective antibodies against the contagious delta variant. Treasuries were little changed.

“The reflation trade has plenty of room to run, with long bond yields still remarkably low and a robust reopening still ahead,” said Ross Mayfield, an investment strategy analyst at Baird.

Data Tuesday showed U.S. consumer confidence rose in June by more than forecast to a fresh pandemic high as Americans became more upbeat about the economy and job market. Meantime, home prices jumped the most in more than 30 years in April.

LISTEN: Tony Dwyer, chief market strategist for Canaccord Genuity, speaks with Tom Keene and Paul Sweeney on Bloomberg Radio.

BlackRock Investment Institute strategists are dialing down their excitement for U.S. stocks, at least in the near term. The risk of higher taxes, tighter regulation and potential for faster economic growth in other developed countries has dented the market’s appeal, the strategists led by Wei Li said in a note.

“We see equities in developed markets outside the U.S. as better positioned to capture the economic restart over the tactical horizon, as the powerful restart broadens out,” they wrote. “Potentially higher taxes and more regulations could pose challenges to the strong performance of U.S. stocks.”

For more market commentary, follow the MLIV blog.

Here are some events to watch in the markets this week:

• OECD meets in Paris to finalize a proposal to overhaul global minimum corporate taxation Wednesday
• China’s President Xi Jinping will deliver a speech as the nation marks the 100th anniversary of the founding of the Chinese Communist Party Thursday
• OPEC+ ministerial meeting Thursday
• ECB President Christine Lagarde speaks Friday
• The U.S. jobs report is due Friday

U.S. options and futures markets offer a tremendous opportunity, says Jane Felix, chief executive officer at IG Group.

Markets: European Open.” (Source: Bloomberg)

These are some of the main moves in markets:

Stocks

• The S&P 500 rose 0.2% as of 10:55 a.m. New York time
• The Nasdaq 100 rose 0.1%
• The Dow Jones Industrial Average rose 0.4%
• The Stoxx Europe 600 rose 0.5%
• The MSCI World index was little changed

Currencies

• The Bloomberg Dollar Spot Index rose 0.2%
• The euro fell 0.3% to $1.1891
• The British pound fell 0.4% to $1.3822
• The Japanese yen rose 0.1% to 110.51 per dollar

Bonds

• The yield on 10-year Treasuries advanced one basis point to 1.49%
• Germany’s 10-year yield advanced two basis points to -0.17%
• Britain’s 10-year yield advanced three basis points to 0.75%

Commodities

• West Texas Intermediate crude rose 0.6% to $73.33 a barrel
• Gold futures fell 1.5% to $1,753.30 an ounce

— With assistance by Andreea Papuc, Yakob Peterseil, Nancy Moran, and Sophie Caronello

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