Stock Market Today: Dow, S&P Live Updates for Jun. 16, 2021 - Bloomberg

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U.S. equity futures fluctuated as investors turned cautious before a policy decision from the Federal Reserve. Oil extended a powerful rally and Treasuries were steady.

Contracts on the S&P 500 index drifted between modest losses and gains after the underlying gauge snapped a three-day winning streak amid weakness in technology and real estate. Chemical producers led an advance in European stocks. The 10-year Treasury yield hovered around 1.5%. The dollar edged lower versus major peers.

Investors are marking time before the Fed’s policy decision due Wednesday, as concerns mount that officials could pencil in a timetable for tapering stimulus injections that have driven a market boom. The latest statement is set to include updated projections for interest rates and economic forecasts.

With inflation and economic growth accelerating this year, Fed Chair Jerome Powell and his colleagues may consider moving up a discussion on scaling back monetary stimulus and laying the groundwork for the first post-pandemic interest rate hike as soon as 2023.

“This will be an important meeting,” Andrew Sheets, chief cross-asset strategist at Morgan Stanley said in an interview with Bloomberg TV, adding that he expects the Fed to recast the so-called dot plot to project an earlier date of 2023 for rate liftoff. “So a slightly hawkish message but still a very gradual pace of removing accommodation.”

With easier policy today suggesting tighter policy in the future, longer-term bond yields are set to rise, Sheets said.

Elsewhere, global benchmark Brent was closing in on $75 a barrel after industry data pointed to a substantial draw in U.S. crude stockpiles. West Texas Intermediate climbed to the highest level since October 2018.

China ordered state firms to curb overseas commodities exposure to rein in soaring raw materials prices. Copper reversed gains on the moves.

Bitcoin topped $40,000 after closing Tuesday at its highest level since May. The British pound gained on the dollar as inflation surged unexpectedly past the Bank of England’s target for the first time in almost two years.

For more market commentary, follow the MLIV blog.

Here are some key events to watch this week:

• The Federal Open Market Committee rate decision comes on Wednesday, with a news conference from Jerome Powell after
• U.S. President Joe Biden and Russia’s Vladimir Putin meet Wednesday in Geneva
• U.S. Treasury Secretary Janet Yellen testifies before a House panel Thursday on the federal budget
• Rate decisions come from Switzerland and Norway on Thursday
• The Bank of Japan’s monetary policy decision is on Friday

These are some of the main moves in markets:

Stocks

• Futures on the S&P 500 Index were little changed at 7:23 a.m. New York time.
• The Stoxx Europe 600 Index increased 0.1%.
• The MSCI Asia Pacific Index declined 0.3%.
• The MSCI Emerging Market Index dipped 0.5%.

Currencies

• The Bloomberg Dollar Spot Index decreased 0.1%.
• The euro dipped 0.1% to $1.2117.
• The British pound jumped 0.2% to $1.4115.
• The onshore yuan strengthened 0.1% to 6.399 per dollar.
• The Japanese yen strengthened 0.1% to 109.97 per dollar.

Bonds

• The yield on 10-year Treasuries fell less than one basis point to 1.49%.
• The yield on two-year Treasuries increased less than one basis point to 0.16%.
• Germany’s 10-year yield sank one basis point to -0.24%.
• Japan’s 10-year yield was unchanged at 0.051%.
• Britain’s 10-year yield fell one basis point to 0.751%.

Commodities

• West Texas Intermediate crude increased 0.4% to $72.44 a barrel.
• Brent crude gained 0.6% to $74.44 a barrel.
• Gold weakened 0.2% to $1,855.02 an ounce.

— With assistance by Cormac Mullen, and Andreea Papuc

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