Stock Market Today: Dow, S&P Live Updates for Jul. 13, 2021 - Bloomberg

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U.S. futures were in holding mode along with stocks in Europe on Tuesday as traders awaited key American inflation data and second-quarter earnings reports from some of the world’s biggest banks. Treasuries and the dollar were steady.

Contracts on the S&P 500 edged lower and those on the Nasdaq 100 were little changed after the underlying indexes closed at records. JPMorgan Chase & Co. and Goldman Sachs Group Inc. are reporting on Tuesday, along with Pepsico Inc., giving traders an opportunity to gauge whether extreme valuations are underpinned by profit growth.

Health care stocks led a modest decline in the Stoxx Europe 600 index, with Gerresheimer AG slumping 8% after reporting narrowing profit margins. Nokia OYJ headed an advance for telecommunications companies after saying it will raise full-year guidance. Banks gained, led by U.K. lenders including HSBC Holdings Plc, Barclays Plc and Natwest Group Plc, after the Bank of England removed restrictions on dividends.

An MSCI gauge of the Asian stocks rose for a second day. Hong Kong outperformed as Chinese technology shares climbed after government approval of a Tencent Holdings Ltd. deal eased concerns about stricter regulation.

Expectations for a solid earnings season are supporting the stock rally, as investors ponder how central banks will unwind the support driving the recovery from the pandemic. Still, inflationary pressures remain a concern, as does the spread of the delta variant and a slowdown in vaccination rates.

“Our medium-term outlook remains supported by strong growth and fundamentals: vaccination, fiscal stimulus, monetary support, and very strong earnings,” Esty Dwek, head of global market strategy at Natixis Investment Managers Solutions, said in a note. “However, the second half could prove bumpier as we these tailwinds could start to fade.”

Elsewhere, oil rose for the third time in four days as traders grappled with the demand implications of a Covid-19 resurgence in several regions and slowing economic growth in China.

For more market commentary, follow the MLIV blog.

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

• Futures on the S&P 500 fell 0.1% as of 3:30 a.m. New York time
• Futures on the Nasdaq 100 were little changed
• Futures on the Dow Jones Industrial Average were little changed
• The Stoxx Europe 600 was little changed
• The MSCI World index rose 0.1%

Currencies

• The Bloomberg Dollar Spot Index was little changed
• The euro was little changed at $1.1865
• The British pound was little changed at $1.3877
• The Japanese yen was little changed at 110.38 per dollar

Bonds

• The yield on 10-year Treasuries was little changed at 1.37%
• Germany’s 10-year yield was little changed at -0.30%
• Britain’s 10-year yield was little changed at 0.65%

Commodities

• West Texas Intermediate crude rose 0.5% to $74.47 a barrel
• Gold futures rose 0.3% to $1,811.70 an ounce

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Stock Market Today: Dow, S&P Live Updates for Jul. 13, 2021 - Bloomberg
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