Stock Market Today: Dow, S&P Live Updates for Mar. 24, 2021 - Bloomberg

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U.S. stocks rose as steady bond yields helped boost confidence ahead of closely watched Treasury auctions. Oil jumped after the Suez Canal was blocked by a giant container ship.

Energy producers, banks and transportation companies were among the best performers as traders bought up cyclical stocks with an eye toward the end of pandemic lockdowns. Tech shares underperformed. The dollar edged higher along with 10-year Treasury yields.

Treasury auctions scheduled for Wednesday and Thursday will be closely watched after last month’s disastrous seven-year auction sparked a global selloff in bonds. Investors are also wagering on which sectors of the stock market are poised for the best gains as growth picks up, rotating away from pandemic winners into companies that had been left behind.

“As long as we continue to exceed expectations on the economic front, which I think we will, the cyclical trade is still going to have legs,” Brian Nick, chief investment strategist at Nuveen, told Bloomberg Television.

European stocks eked out a gain. A gauge of Asia-Pacific shares fell the most in almost three weeks. Hong Kong equities dropped to a 10% correction amid the city’s decision to temporarily suspend BioNTech SE vaccines.

West Texas Intermediate crude added more than 5% after a container ship ran aground in the Suez Canal and blocked traffic in both directions on one of the world’s busiest maritime trade routes. Some traffic should resume tomorrow after efforts to move the giant vessel.

Bitcoin rose after Tesla Inc. Chief Executive Officer Elon Musk tweeted that the firm’s cars can be purchased with the cryptocurrency.

These are some key events to watch this week:

• The U.S. Treasury holds auctions of five- and seven-year debt.
• U.S. personal income and spending data on Friday.

These are some of the main moves in financial markets:

Stocks

• The S&P 500 Index increased 0.6% as of 12:27 p.m. New York time.
• The Stoxx Europe 600 Index rose 0.1%.
• The MSCI Asia Pacific Index dropped 1.8%.
• The MSCI Emerging Market Index dipped 1.5%.

Currencies

• The Bloomberg Dollar Spot Index rose 0.1%.
• The euro fell 0.1% to $1.1834.
• The British pound sank 0.2% to $1.3729.
• The Japanese yen weakened 0.2% to 108.77 per dollar.

Bonds

• The yield on 10-year Treasuries rose two basis points to 1.64%.
• Germany’s 10-year yield fell one basis point to -0.36%.
• Britain’s 10-year yield was little changed at 0.76%.

Commodities

• West Texas Intermediate crude gained 5.6% to $61 a barrel.
• Gold strengthened 0.5% to $1,736.42 an ounce.

— With assistance by Emily Barrett, Andreea Papuc, Cecile Gutscher, and Srinivasan Sivabalan

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