Stock Market Today: Dow, S&P Live Updates for Jul. 1, 2021 - Bloomberg

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U.S. equity futures rose with European stocks on Thursday as gains in cyclical shares outweighed declines in technology firms. Asian shares dipped as Covid-19 flareups threaten to hamper the recovery there.

Contracts on the S&P 500 were modestly higher after the underlying gauge posted one of its best first halves in more than two decades. Futures on the small-cap Russell 2000 Index jumped 0.4%, while Nasdaq contracts lagged. Energy firms and banks led in Europe, with technology shares the biggest losers. Travel shares got a lift from a report that the U.K. plans to ease tourism rules.

In Asia, most major equity markets posted modest declines after purchasing managers’ indexes suggested curbs imposed to fight the virus had sapped output in parts of the region.

The dollar steadied after its best month since March 2020 while Treasuries slipped. The payrolls report due Friday will provide a gauge of economic progress, helping to shape expectations of when the Federal Reserve might start tapering stimulus. WTI crude futures topped $75 a barrel for the first time since October 2018 ahead of a meeting between OPEC+ producers on output policy and as a stalemate in Iranian nuclear talks drags on.

Risk assets are starting the second half in an uncertain mood, as they face challenges from Covid-19 variants and the prospect of diminishing monetary policy support amid inflation pressures. That’s leading to predictions of a pickup in volatility and stirring questions about whether bets tied to economic reopening -- such as on cyclical stocks and higher longer-term Treasury yields -- will prosper.

“What we’re seeing at the moment is markets coming to the realization that they have to discount the risk -- the high probability I really should say -- that the Covid-19 virus will be with us for the foreseeable future,” Kyle Rodda, an analyst at IG Markets, said on Bloomberg Television. He added investors will reward countries with adequate vaccine capacity, helping to explain some of the strength of U.S. and European stocks relative to Asian equities.

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

• OPEC+ ministerial meeting Thursday
• ECB President Christine Lagarde speaks Friday
• The U.S. jobs report is due Friday

These are some of the main moves in markets:

Stocks

• Futures on the S&P 500 were little changed as of 7:42 a.m. New York time
• Futures on the Nasdaq 100 were little changed
• Futures on the Dow Jones Industrial Average rose 0.2%
• The Stoxx Europe 600 rose 0.3%
• The MSCI World index was little changed

Currencies

• The Bloomberg Dollar Spot Index was little changed
• The euro rose 0.1% to $1.1872
• The British pound fell 0.2% to $1.3802
• The Japanese yen fell 0.3% to 111.44 per dollar

Bonds

• The yield on 10-year Treasuries was little changed at 1.48%
• Germany’s 10-year yield advanced two basis points to -0.18%
• Britain’s 10-year yield advanced three basis points to 0.74%

Commodities

• West Texas Intermediate crude rose 2.5% to $75.34 a barrel
• Gold futures rose 0.3% to $1,776.70 an ounce

— With assistance by David Wilson

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Stock Market Today: Dow, S&P Live Updates for Jul. 1, 2021 - Bloomberg
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