Stock Market Today: Dow, S&P Live Updates for May 3 - Bloomberg

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U.S. equity futures climbed with European stocks as investors assessed inflation risks amid improving economic activity.

Trading was subdued on Monday with several markets including Japan, China and the U.K. closed for public holidays. S&P 500 futures added 0.5% and contracts on the small-cap Russell 2000 Index outperformed. Europe’s Stoxx 600 Index gained 0.4%. The yen weakened, while gold advanced.

As trading gets underway this week, inflation remains at the forefront of the investment debate. The latest U.S. data show fiscal stimulus helped drive the strongest monthly gains in personal incomes in records going back to 1946, and the Federal Reserve’s preferred gauge of prices rose by the most since 2018. Though last year’s pandemic shock has skewed some data, such readings fuel speculation that central banks may start to withdraw support by trimming asset purchases.

“Interest rates going forward will be led more by expectations on the tapering from the Fed rather than by inflation,” Raffaele Bertoni, head of debt capital markets at Gulf Investment Corp., said on Bloomberg Television.

In his latest annual meeting, billionaire Warren Buffett warned of rising price pressures and a “buying frenzy” spurred by low interest rates. Dallas Fed President Robert Kaplan, who’s not currently a voter on the rate-setting committee, said signs of excessive risk-taking suggest it’s time to consider fewer bond purchases. His remarks contrast with those of Fed Chairman Jerome Powell.

Top U.S. financial officials are downplaying inflation risks. Treasury Secretary Janet Yellen said on the weekend that the demand boost from President Joe Biden’s economic plan would be spread over a decade.

Brian Jacobsen, multi-asset solutions senior investment strategist at Wells Fargo Asset Management, discusses his outlook for markets and where he thinks investors should be putting their money.

Source: Bloomberg

For more markets updates see the MLIV <GO> blog, and opine on the Question of the Day.

Here are some key events to watch this week:

• Fed Chair Powell speaks in an event hosted by the National Community Reinvestment Coalition
• The Reserve Bank of Australia monetary policy decision is due Tuesday
• The Treasury announces its quarterly refunding on Wednesday
• Chicago Fed President Charles Evans gives a virtual speech on the U.S. economy at an event hosted by Bard College; Cleveland Fed’s Loretta Mester speaks to the Boston Economic Club on Wednesday
• Bank of England rate decision Thursday
• U.S. April employment report is released on Friday

These are some of the main moves in markets:

Stocks

• S&P 500 futures rose 0.5% as of 10:10 a.m. in London.
• Stoxx 600 was up 0.3%

Currencies

• The yen was at 109.63 per dollar, down 0.3%
• The offshore yuan was at 6.4798 per dollar
• The Bloomberg Dollar Spot Index was little changed
• The euro traded at $1.2022

Bonds

• Treasury futures were flat after the 10-year yield held around 1.63% Friday. The cash market is closed in Asia Monday
• Australia’s 10-year bond yield was little changed at 1.76%

Commodities

• West Texas Intermediate crude steadied at $63.81 a barrel.
• Gold was at $1,774.25 an ounce, up 0.3%

— With assistance by Joanna Ossinger

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