Stock Market Today: Dow, S&P Live Updates for Jun. 18, 2021 - Bloomberg

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U.S. futures were mixed as investors unwound some of this year’s dominant reflation trades. Treasuries advanced and commodities extended a slump.

Contracts on the Nasdaq 100 Index outperformed after a fresh bout of rotation from cyclical stocks pushed the tech-heavy gauge to another record. Those on the S&P 500 Index drifted lower. Benchmark Treasury yields slid below 1.5% as traders pulled back longer-term inflation expectations.

Popular trades linked to hotter inflation are in retreat after the Federal Reserve signaled it was preparing for earlier interest-rate increases, helping to rein in speculation that price pressures could get out of hand.

“Investors believe the Fed will keep inflation in check, while U.S. activity is peaking,” Barclays Plc strategists led by Emmanuel Cau wrote in a note to clients. “This is driving rotation away from reflation plays and back to growth stocks.”

Markets that are clearly benefiting from the reopening are seeing a pullback, with copper on course for its worst week since the start of the pandemic.

Oil fell for a second day, with Brent crude slipping from this week’s 2018 high. An advance in the dollar this week has made commodities that are priced in the U.S. currency more expensive, driving declines across the complex.

Some volatility may be possible later due to triple-witching when options and futures on indexes and equities expire.

Read: Stock-Market Doldrums Face Shake-Up With Friday’s ‘Witching’

The Bloomberg Dollar Spot Index slipped Friday as gains among Group-of-10 currencies were led by the euro.

For more market commentary, follow the MLIV blog.

These are some of the main moves in markets:

Stocks

• Futures on the S&P 500 Index decreased 0.1% as of 6:40 a.m. New York time.
• The Stoxx Europe 600 Index sank 0.3%.
• The MSCI Asia Pacific Index declined 0.2%.
• The MSCI Emerging Market Index rose 0.1%.

Currencies

• The Bloomberg Dollar Spot Index declined 0.1%.
• The euro gained 0.1% to $1.1917.
• The British pound fell 0.1% to $1.3904.
• The onshore yuan strengthened 0.2% to 6.437 per dollar.
• The Japanese yen strengthened 0.1% to 110.14 per dollar.

Bonds

• The yield on 10-year Treasuries sank two basis points to 1.49%.
• The yield on two-year Treasuries climbed less than one basis point to 0.21%.
• Germany’s 10-year yield declined one basis point to -0.20%.
• Japan’s 10-year yield declined less than one basis point to 0.059%.
• Britain’s 10-year yield fell one basis point to 0.768%.

Commodities

• West Texas Intermediate crude decreased 0.3% to $70.81 a barrel.
• Brent crude dipped 0.5% to $72.72 a barrel.
• Gold strengthened 1% to $1,792.09 an ounce.

— With assistance by Nancy Moran, Cormac Mullen, Andreea Papuc, and Macarena Munoz Montijano

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