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

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Asian stocks were mixed Friday as traders weighed a rally in U.S. shares to a record and positive Covid-19 vaccine developments against the regional spread of the delta virus strain. An OPEC+ dispute bolstered oil.

Shares rose in Japan but slid in China and Hong Kong. S&P 500 contracts were stable after the index posted its longest winning streak since February, helped by cyclical sectors like energy, while technology lagged. Data signaled solid U.S. manufacturing growth and an ongoing labor market recovery. Johnson & Johnson said its inoculation neutralizes the fast-spreading delta virus strain.

The dollar held a climb and Treasuries were little changed ahead of Friday’s monthly payrolls report, which will help guide views on when the Federal Reserve may start pulling back on stimulus. Philadelphia Fed President Patrick Harker said cutting asset purchases by $10 billion a month might be reasonable and that he favored starting the process this year, according to a report.

Crude traded above $75 a barrel after the OPEC+ alliance descended into infighting, casting doubt on an agreement that could ease a surge in prices.

Investors are parsing data prints like the upcoming payrolls report for a sense of how close the Fed is to tapering policy accommodation as employment improves and inflationary pressures build. The International Monetary Fund said America’s central bank will likely begin to scale back asset purchases in the first half of 2022, and probably needs to raise interest rates later that year or in early 2023.

Yields on 10-year U.S. government debt are “very low,” indicating private demand is robust enough that “the Fed might not be required to keep buying as many Treasuries as it has been very far out into the future,” Andrea Eisfeldt, finance professor at UCLA Anderson School of Management, said on Bloomberg Television.

Elsewhere, Bitcoin held losses and was trading around $33,400. Robinhood Markets Inc.’s filing for an initial public offering showed that 17% of its first-quarter transaction-based revenue came from cryptocurrencies, about a third of which was powered by Dogecoin -- a token that originated as a joke but has soared in value.

Here are some events to watch this week:

• ECB President Christine Lagarde speaks Friday
• The U.S. jobs report is due Friday

These are some of the main moves in markets:

Stocks

• S&P 500 futures were flat as of 10:50 a.m. in Tokyo. The index rose 0.5%
• Nasdaq 100 futures dipped 0.1%. The index was little changed
• Japan’s Topix index added 0.8%
• Australia’s S&P/ASX 200 index rose 0.3%
• South Korea’s Kospi index increased 0.2%
• China’s Shanghai Composite index shed 1.2%
• Hong Kong’s Hang Seng index fell 1%

Currencies

• The Bloomberg Dollar Spot Index was steady after rising 0.3%
• The euro was at $1.1845
• The Japanese yen was at 111.58 per dollar
• The offshore yuan traded at 6.4778 per dollar

Bonds

• The yield on 10-year Treasuries was at 1.46%
• Australia’s 10-year bond yield retreated four basis points to 1.48%

Commodities

• West Texas Intermediate crude was at $75.32 a barrel, up 0.1%
• Gold was at $1,779.57 an ounce, rising 0.2%

— With assistance by Rita Nazareth, and Vildana Hajric

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