Stock Market Today: Dow, S&P Live Updates for May. 18, 2021 - Bloomberg

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U.S. futures rose with stocks Tuesday as optimism that economic reopenings will boost growth outweighed concern about a pickup in virus cases in parts of Asia. The dollar dipped and oil gained.

Contracts on all three U.S. equity benchmarks advanced, led by those on the Nasdaq 100 Index after tech shares slid Monday. Retailers Walmart Inc. and Macy’s Inc. climbed in premarket trading after raising their full-year guidance, while Home Depot Inc. gained as its results beat estimates. Commodity and automotive shares boosted the Stoxx Europe 600 Index, while Asian equities also climbed.

The dollar fell toward a four-month low, while U.S. 10-year Treasuries were steady as investors awaited key housing data ahead of minutes due Wednesday from the Federal Reserve’s last meeting. Brent crude at one point topped $70 a barrel in London for the first time since March on signs that reopenings are boosting demand.

Stocks have been volatile after climbing to a record in early May as investors assessed economic growth prospects against a Covid-19 resurgence in countries including India. Traders will also parse the Fed minutes for policy discussion about inflation and hints of a timeline for reducing stimulus, after Vice Chair Richard Clarida said Monday that the weak U.S. jobs report showed the economy had not yet reached the threshold to warrant scaling back asset purchases.

Global investor sentiment is “unambiguously bullish,” Bank of America Corp. strategists led by Michael Hartnett said, citing the firm’s latest fund manager survey. Inflation topped the list of the biggest tail risks, followed by a bond market taper tantrum and asset bubbles, while Covid-19 was only in fourth place.

Elsewhere, Bitcoin was steady following volatility spurred by comments from Tesla Inc.’s Elon Musk. Coinbase Global Inc. fell in premarket trading after Monday’s drop below the reference price used in its April direct listing. AMC Entertainment Holdings Inc. advanced 6.9%, extending its longest rally since 2019.

Here are some key events this week:

• The Fed publishes minutes from its April meeting Wednesday, which may provide clues to officials’ views on the recovery and how they define “transitory” when it comes to inflation
• EIA crude oil inventory report Wednesday
• St. Louis Fed President James Bullard and Atlanta Fed President Raphael Bostic to speak at separate events Wednesday
• IMF Managing Director Kristalina Georgieva and ECB President Christine Lagarde speak at the Vienna Economic Dialogue Thursday
• Australia unemployment rate Thursday
• Euro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22

These are some of the main moves in markets:

Stocks

• Futures on the S&P 500 rose 0.2% as of 7:29 a.m. New York time
• Futures on the Nasdaq 100 rose 0.5%
• Futures on the Dow Jones Industrial Average rose 0.1%
• The Stoxx Europe 600 rose 0.3%
• The MSCI World index rose 0.5%

Currencies

• The Bloomberg Dollar Spot Index fell 0.3%
• The euro rose 0.5% to $1.2209
• The British pound rose 0.4% to $1.4188
• The Japanese yen rose 0.2% to 109.02 per dollar

Bonds

• The yield on 10-year Treasuries was little changed at 1.64%
• Germany’s 10-year yield was little changed at -0.12%
• Britain’s 10-year yield was little changed at 0.87%

Commodities

• West Texas Intermediate crude rose 0.2% to $66 a barrel
• Gold futures were little changed

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Stock Market Today: Dow, S&P Live Updates for May. 18, 2021 - Bloomberg
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