Stock Market Today: Dow, S&P Live Updates for May. 7, 2021 - Bloomberg

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Stocks headed higher and commodities extended their advance ahead of U.S. jobs data that are expected to cap a series of strong economic reports this week. The dollar held losses.

Copper soared to an all-time record on expectations that rebounding economies will spur a boom in global demand, and the Bloomberg Commodity Spot Index jumped to its highest level since 2011. Taiwan and South Korea led modest gains across Asian equities that lifted MSCI Inc.’s regional gauge. European futures rallied along with U.S. contracts.

China’s latest trade data showed exports rose well ahead of expectations and imports saw the fastest growth since 2011. Traders shrugged off news overnight that the Biden administration is likely to preserve limits on U.S. investments in certain Chinese companies.

U.S. economic reports helped sentiment, as applications for state unemployment insurance fell to a fresh pandemic low, and separate data showed a rebound in productivity. Traders now turn to Friday’s payrolls numbers, which expected to show a million jobs added in April. Treasuries held steady.

Investors are focusing on strengthening growth in the world’s largest economies, shaking off concerns for now that a faster-than-expected rebound could spur excessive inflation. The Federal Reserve remains committed to near-zero interest rates to bring about a full recovery, though an announcement of a pullback in its heavy monthly bond purchases seems increasingly likely in the second half of this year.

“Most of the developed markets are going to treat the spike in inflation as transitory unless they start to see significant pass-through of commodity prices and wage inflation,” Binay Chandgothia, portfolio manager at Principal Global Investors, said on Bloomberg TV.

Increased attention to stretched valuations could spur more talk of the Fed adjusting policy. The central bank’s semi-annual financial stability report noted rising appetite for risk across a variety of asset markets could exacerbate vulnerabilities in the U.S. financial system.

Elsewhere, spot iron ore broke $200 a ton for the first time, and oil climbed above $65 a barrel.

For more markets updates see the MLIV <GO> blog.

These are some of the main moves in markets:

Stocks

• S&P 500 futures were up 0.1% at 6:50 a.m. in London, after the index rose 0.8%
• Nasdaq 100 contracts rose 0.2%. The index gained 0.8%.
• Japan’s Topix Index climbed 0.3%
• Hong Kong’s Hang Seng Index rose 0.3%
• The Shanghai Composite fell 0.1%
• South Korea’s Kospi was up 0.7%
• Australia’s S&P/ASX 200 Index rose 0.2%
• Euro Stoxx 50 futures advanced 0.7%

Currencies

• The Bloomberg Dollar Spot Index was steady
• The euro traded at $1.2063
• The British pound was up 0.1% at $1.3906
• The Japanese yen was 109.11 per dollar

Bonds

• The yield on 10-year Treasuries was little changed at 1.57%
• Australia’s 10-year yield held at 1.69%

Commodities

• West Texas Intermediate crude was up 0.5% at $65.04 a barrel
• Gold futures traded climbed 0.1% to $1,818.10 an ounce

— With assistance by Vildana Hajric, Rita Nazareth, and Livia Yap

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