Stock Market Today: Dow, S&P Live Updates for July 12 - Bloomberg

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Asian stocks started the week higher after their U.S. peers chalked fresh records Friday in a broad-based rebound. Treasury yields were steady after jumping Friday.

Shares in Japan outperformed, while South Korea also rose. Australia saw a more modest advance amid a prolonged lockdown in the largest city, Sydney. U.S. contracts were little changed. The S&P 500 finished last week at all-time highs as investors continued to bet that global growth remains on track despite new Covid-19 variants. China’s central bank cut the amount of cash most banks must hold in reserve, underpinning gains, and the government proposed new rules on companies listing overseas.

Treasuries snapped an eight-session rally Friday that saw 10-year yields tumble as low as 1.25% in a volatile week. They will remain in focus amid new supply coming to the market this week, as well as key U.S. inflation data and Federal Reserve Chair Jerome Powell’s semi-annual appearance before Congress.

The euro was little changed after European Central Bank President Christine Lagarde told investors to prepare for new guidance on monetary stimulus in 10 days. Oil was steady after its first weekly loss in seven amid an OPEC+ dispute over a production increase.

Investors turn their attention this week to the second-quarter earnings season in order to gauge whether corporate profitability can support equity valuations. Equities and bonds have rallied amid a decline in long-term interest rates and inflation expectations as central banks aren’t rushing to pull back stimulus that has helped a recovery from the pandemic.

“There does seem to be a complacency that Goldilocks is not only alive and well, but that it’s getting stronger by the day,” Simon Ballard, First Abu Dhabi Bank chief economist, said on Bloomberg Television. “Unfortunately, it has to be recognized that going forward, the longer that rates remain where they are, the more that we look towards tapering, the more severe and acute could be the reaction.”

Meanwhile, tension between the U.S. and China continues to bubble. Washington added 34 Chinese entities to its economic blacklist over alleged human rights abuses and high-tech surveillance in Xinjiang.

European Central Bank President Christine Lagarde says forward guidance “will certainly be revisited” at the July 22 Governing Council session and explains why “now is not the right time to talk about exit strategy.”

Source: Bloomberg

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Here are some events to watch this week:

• Bank of America, BlackRock, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley are among firms starting the U.S. earnings season
• A closely-watched inflation metric -- the June U.S. consumer price index -- will offer insight into the inflationary pressures Tuesday
• The Reserve Bank of New Zealand’s latest interest rate policy Wednesday
• Bank of Korea monetary decision Thursday
• China second-quarter GDP, key economic indicators Thursday
• Federal Reserve Chair Jerome Powell appears before the Senate Banking Committee to deliver the semi-annual Monetary Policy Report to Congress Thursday
• Bank of Japan interest rate decision Friday

These are some of the main moves in financial markets:

Stocks

• S&P 500 futures were little changed as of 9:02 a.m. in Tokyo. S&P 500 rose 1.1%
• Nasdaq 100 futures rose 0.1%. Nasdaq 100 rose 0.7%
• Topix index climbed 1.6%
• Australia’s S&P/ASX 200 Index rose 0.4%
• Kospi index gained 0.7%

Currencies

• The Japanese yen was little changed at 110.22 per dollar
• The offshore yuan was little changed at 6.4788 per dollar
• The Bloomberg Dollar Spot Index was little changed
• The euro was little changed at $1.1872

Bonds

• The yield on 10-year Treasuries held at 1.36% after jumping seven basis points
• The yield on 10-year Australian bonds rose about one basis point to 1.37%

Commodities

• West Texas Intermediate crude rose 0.2% to $74.70 a barrel
• Gold traded at $1,806.56 an ounce

— With assistance by David Wilson

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