Stock Market Today: Dow, S&P Live Updates for Apr. 6, 2021 - Bloomberg

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American stock futures dipped, suggesting the rally that drove the S&P 500 to an all-time high may pause as concern China is curtailing loan growth tempered optimism stoked by the U.S. economic rebound.

Contracts on the S&P 500 slipped along with those on the Nasdaq 100 after large U.S. technology stocks rose on Monday, including a surge by Facebook Inc. to a new peak. The dollar advanced against major peers, and Treasury yields were steady. Crude oil pared some of Monday’s slump.

U.S. data continued to highlight an economic pickup as more Americans are vaccinated against the coronavirus, restrictions are rolled back and fiscal relief takes hold. But other parts of the world are still struggling to curb the pandemic and are lagging behind in inoculations. In China, the central bank asked the nation’s major lenders to curtail loan growth for the rest of this year, according to people familiar with the matter.

“It looks like spectacular U.S. data has a few caveats that apply to the ‘tide lifting all boats’ assumption,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore. “For one, there is a sense that vaccine differentials could just mean an uneven recovery. Worse, it could also mean having to deal with higher U.S. Treasury yields in a more fragile state,” especially for emerging markets, he said.

Meanwhile, the Stoxx Europe 600 index climbed to a record as it reopened after Monday’s holiday, playing catchup with the U.S. rally. BP Plc rose more than 2% after saying it may restart share buybacks earlier than expected as net debt declined.

Credit Suisse Group AG fluctuated between gains and losses after saying it will take a 4.4 billion franc ($4.7 billion) writedown tied to the implosion of Archegos Capital Management and replace two top executives. The bank unloaded about $2.3 billion worth of stocks tied to the family office more than a week after some rivals dumped their shares and skirted losses.

Oil rebounded as expectations of a breakthrough in talks to revive an Iranian nuclear accord were scaled back, reducing the odds that crude flows from the country would pick up further.

Margaret Yang, strategist at DailyFX, discusses what the dollar needs to do to keep rallying.

Source: Bloomberg

Some key events to watch this week:

• The 2021 Spring Meetings of the International Monetary Fund and the World Bank Group take place virtually. U.S. Treasury Secretary Janet Yellen is among the participants of a climate discussion on Tuesday. Federal Reserve Chairman Jerome Powell takes part in a panel about the global economy on Thursday.
• The Fed publishes minutes from its March meeting on Wednesday.
• Japan releases its balance of payments numbers Thursday.
• China’s consumer and producer prices data are due Friday.

These are some of the main moves in markets:

Stocks

• S&P 500 futures dipped 0.3% as of 8:21 a.m. in London. Nasdaq 100 futures fell 0.3%.
• The Stoxx Europe 600 index advanced 0.8%.
• The MSCI Asia-Pacific Index fell 0.4%.
• MSCI’s Emerging Market Index rose 0.3%.

Currencies

• The Bloomberg Dollar Spot Index gained 0.2%.
• The yen declined 0.2% to 110.39 per dollar.
• The euro was dipped 0.1% to $1.1803.
• The British pound slipped 0.2% to $1.3869.

Bonds

• The yield on 10-year Treasuries was little changed at 1.7%%.
• Germany’s 10-year yield rose two basis points to -0.31%.
• The U.K. 10-year yield climbed three basis points to 0.82%.

Commodities

• West Texas Intermediate crude rose 1.1% to $59.28 a barrel. It tumbled 4.6% in the previous session.
• Gold added 0.1% to $1,729.91 an ounce.

— With assistance by Andreea Papuc

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