Asian stocks were mixed and U.S. futures dipped Thursday as investors weighed the recovery from the pandemic and the possibility of a reduction in stimulus. The dollar held a climb and Treasury yields were stable.
An Asia-Pacific stock gauge snapped a five-day rally. China fared better, with stocks and the currency rising after Washington and Beijing held the first trade talks since the election of President Joe Biden. Australian shares shrugged off a virus lockdown in Victoria state. Contracts on the S&P 500 and Nasdaq 100 fell. The Russell 2000 Index of small-caps jumped overnight, while energy producers and retailers helped the S&P 500 Index to a more modest increase.
The U.S. and China trade chiefs had a “candid” first conversation as the two sides try to resolve some of their differences on trade. At the same time, tensions remain -- the White House’s top official for Asia said Wednesday the U.S. is entering a period of intense competition with China.
Oil fell below $66 a barrel amid concern the market could face a flood of Iranian barrels if sanctions on the Persian Gulf producer are lifted. The dollar held a gain and Bitcoin retreated further below $40,000.
Traders continue to weigh the threat that price pressures may pose to the loose monetary policy that is stoking the economic recovery and supporting financial markets. For instance, New Zealand’s central bank followed in the footsteps of Canada to flag a potential interest-rate increase next year.
Federal Reserve Vice Chairman for Supervision Randal Quarles said Wednesday it will be important for the central bank to begin discussing in coming months plans to reduce its massive bond purchases if the economy continues to power out of the health crisis. Fed officials have also repeatedly said they expect a transitory rather than more serious run-up in inflation. Interest-rate volatility has been sliding and Treasury yields are well below this year’s peaks.
“Investors appear to be giving the Fed the benefit of the doubt with their transitory inflation forecast, but we suspect the window of confidence could close without supporting evidence in coming months,” said Craig W. Johnson, technical market strategist at Piper Sandler & Co.. He expects economic uncertainty and volatility will likely remain high as traders await clarity on inflation trends and tapering prospects.
Here are some events this week:
- U.S. initial jobless claims, GDP, durable goods, pending home sales on Thursday.
These are some of the main moves in markets:
Stocks
- S&P 500 futures fell 0.1% as of 1:03 p.m. in Tokyo. The S&P 500 rose 0.2%
- Nasdaq 100 contracts lost 0.2%. The Nasdaq 100 rose 0.3%
- Japan’s Topix index fell 0.3%
- Australia’s S&P/ASX 200 index added 0.3%
- South Korea’s Kospi index dipped 0.3%
- Hong Kong’s Hang Seng Index fell 0.3%
- China’s Shanghai Composite Index rose 0.2%
- Euro Stoxx 50 futures increased 0.1%
Currencies
- The yen was at 109.06 per dollar, up 0.1%
- The offshore yuan traded at 6.3791 per dollar
- The Bloomberg Dollar Spot Index was little changed
- The euro was at $1.2194
Bonds
- The yield on 10-year Treasuries held at 1.58%
- Australia’s 10-year bond yield fell about two basis points to 1.65%
Commodities
- West Texas Intermediate crude dipped 0.6% to $65.83 a barrel
- Gold was at $1,897.34 an ounce
— With assistance by Rita Nazareth, Vildana Hajric, and Alyce Andres
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May 27, 2021 at 04:54AM
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Stock Market Today: Dow, S&P Live Updates for May 27, 2021 - Bloomberg
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