Stock Market Today: Dow, S&P Live Updates for Jun. 17, 2021 - Bloomberg

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U.S. stock-index futures and European equities slumped, while the dollar strengthened as nervousness about U.S. interest rate hikes spread through global markets.

S&P 500 contracts lost 0.4%, while Europe’s Stoxx 600 Index fell for the first time in 10 days. Emerging markets and commodities were lower, while bank shares advanced. Ten-year Treasury yields fell one basis point to 1.56%. The Bloomberg Dollar Spot Index rose for a fifth day.

Fed Chair Jerome Powell acknowledged the risks of inflation and said officials had begun a discussion about scaling back bond purchases. Policy makers’ dot plot showed they anticipate two rate increases by the end of 2023, a faster-than-expected pace of tightening. This marked a turning point in the Fed’s communication to global markets, which had so far been ultra-dovish.

“We’ve gotten to a point that has everyone feeling slightly less comfortable in assuming that the Fed is going to be able to be as patient for as long as they would like,” Michelle Girard, Natwest Markets co-head of global economics and chief U.S. economist, said on Bloomberg Television.

While Powell downplayed the risk of any immediate rate increase, some investors interpreted his comments as preparing markets for a hawkish tilt and an eventual tapering. His remarks followed the Fed’s latest projections, which included upward revisions to its outlook for inflation and interest rates.

In equities, CureVac NV plunged more than 50% in German trading after a study found that its Covid-19 vaccine fell short of targets. The findings, though preliminary, throw the future of the vaccine into question as wealthy nations around the world move swiftly to inoculate their populations with shots already available.

Copper fell 2% in London to the lowest in two months. The rally in metals has stalled in recent weeks and copper has retreated from last month’s record as concerns about cost pressures spurred expectations stimulus that had been supporting the global recovery would be scaled back.

Watch Australia and Korea to move ahead of Fed, says Stephen Chang, managing director and portfolio manager for Asia at PIMCO.

Source: Bloomberg

For more market commentary, follow the MLIV blog.

Here are some key events to watch this week:

• 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

• The Stoxx Europe 600 fell 0.2% as of 8:41 a.m. London time
• Futures on the S&P 500 fell 0.4%
• Futures on the Nasdaq 100 fell 0.5%
• Futures on the Dow Jones Industrial Average fell 0.3%
• The MSCI Asia Pacific Index fell 0.8%
• The MSCI Emerging Markets Index fell 0.6%

Currencies

• The Bloomberg Dollar Spot Index rose 0.3%
• The euro fell 0.4% to $1.1947
• The Japanese yen was little changed at 110.66 per dollar
• The offshore yuan was little changed at 6.4371 per dollar
• The British pound fell 0.1% to $1.3968

Bonds

• The yield on 10-year Treasuries declined two basis points to 1.56%
• Germany’s 10-year yield advanced seven basis points to -0.18%
• Britain’s 10-year yield advanced six basis points to 0.80%

Commodities

• Brent crude fell 0.8% to $73.81 a barrel
• Spot gold fell 0.2% to $1,807.37 an ounce

— With assistance by Emily Barrett

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