Stock Market Today: Dow, S&P Live Updates for Jul. 9, 2021 - Bloomberg

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U.S. equity futures steadied on Friday and stocks in Europe rose in a broad-based rebound, while Treasuries halted an eight-day rally fueled by concerns about global growth amid the spread of Covid-19 variants.

The Stoxx Europe 600 index advanced, with all sectors in the green, as some of the world’s biggest money managers bet on a swift comeback for the battered reflation trade. Airbus SE climbed more than 3% after saying deliveries of new jets accelerated. Contracts on the S&P 500 rose and those on the Nasdaq 100 fluctuated following Thursday’s selloff in the underlying gauges. The dollar was flat against a basket of major currencies.

JPMorgan Asset Management, BlackRock Inc. and Morgan Stanley Wealth Management -- which together account for some $12 trillion in assets -- are among money managers saying global growth is still on track, with second-quarter earnings season starting next week set to bolster confidence. The European Central bank on Thursday indicated it will tolerate an inflation overshoot, implying an even longer period of loose policy to support the recovery.

“Any decline in risky asset prices is likely to be limited and short-lived, at least if the delta variant does not totally derail the recovery,” Credit Agricole COB strategists led by Jean-François Paren wrote in a note. “The economic outlook is positive, especially earnings prospects, governments are ready to compensate for any delay in reopening and central banks will remain very dovish, implying a lot of liquidity to buy the dips.”

Elsewhere, MSCI Inc.’s Asia-Pacific stock gauge pared declines after reaching the lowest since mid-May. Economically sensitive sectors such as industrials sapped the index, with equities from Japan to Australia retreating.

The 10-year Treasury yield remains on course for one of its biggest weekly slides since June 2020. In U.S. hours the 30-year yield broke below 1.90% for the first time since February.

Meanwhile, tension between the U.S. and China continues to bubble. Washington will add at least 10 Chinese entities to its economic blacklist as early as Friday over alleged human rights abuses and high-tech surveillance in Xinjiang, according to a report.

Oil headed for a weekly loss after being whipsawed by the OPEC+ dispute. Bitcoin is again in the lower part of a trading range, emblematic of a reduced ardor for speculative investments like cryptocurrencies and meme stocks.

On the virus front, Pfizer Inc. plans to request U.S. emergency authorization in August for a third booster dose of its Covid-19 vaccine and said it’s confident it will be effective against the more-virulent delta variant. South Korea will raise curbs on social distancing to the highest level in Seoul for two weeks starting Monday.

For more market commentary, follow the MLIV blog.

Here are some events to watch this week:

• The Group of 20 finance ministers and central bankers meet in Venice on Friday
• China PPI and CPI data released on Friday

These are some of the main moves in markets:

Stocks

• Futures on the S&P 500 rose 0.3% as of 5:52 a.m. New York time
• Futures on the Nasdaq 100 were little changed
• Futures on the Dow Jones Industrial Average rose 0.4%
• The Stoxx Europe 600 rose 0.9%
• The MSCI World index was little changed

Currencies

• The Bloomberg Dollar Spot Index was little changed
• The euro was little changed at $1.1846
• The British pound was little changed at $1.3790
• The Japanese yen fell 0.3% to 110.05 per dollar

Bonds

• The yield on 10-year Treasuries advanced five basis points to 1.34%
• Germany’s 10-year yield was little changed at -0.30%
• Britain’s 10-year yield advanced three basis points to 0.64%

Commodities

• West Texas Intermediate crude rose 1.2% to $73.83 a barrel
• Gold futures rose 0.2% to $1,804.30 an ounce

— With assistance by Cecile Gutscher, and Emily Barrett

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Stock Market Today: Dow, S&P Live Updates for Jul. 9, 2021 - Bloomberg
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