Stock Market Today: Dow, S&P Live Updates for Jun. 25, 2021 - Bloomberg

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As stock investors scooped up companies mostly tied to an economic recovery on Friday, bond traders sent Treasuries slumping.

The reflation trade has resurfaced on the perception that the Federal Reserve won’t rush to boost interest rates despite mounting inflation pressures. Equities headed toward their best week since April, with financial, commodity and industrial shares beating the tech behemoths that powered the stay-at-home investment strategy. A gauge of small caps climbed for a fifth consecutive session -- another sign of the reopening trade revival.

Aside from President Joe Biden’s infrastructure deal and reassurances from some prominent voices such as Fed Chair Jerome Powell, investors also sifted through a batch of economic readings this week. Data Friday showed personal spending stagnated in May, while a closely watched inflation measure continued to climb. Meantime, U.S. consumer sentiment rose in June by less than forecast and longer-term inflation expectations moderated from a month earlier.

“Equities have rallied because the Fed is successfully walking the tightrope,” said Randy Frederick, managing director of trading and derivatives for Charles Schwab. “That’s a very tricky tightrope to walk -- watching and taking action enough to keep inflation under control, but at the same time not acting too aggressively or too quickly that you squash economic growth.”

Among the corporate highlights, some of the biggest banks rose on speculation of a potential deluge of dividends and buybacks after the Fed’s stress tests. Virgin Galactic Holdings Inc. soared after getting regulatory approval to fly customers into space. Nike Inc. jumped on an upbeat forecast, while FedEx Corp. sank amid a disappointing outlook.

Mohamed El-Erian, a Bloomberg Opinion columnist, believes central banks will adjust their economic forecasts due to unanticipated persistent inflation.

Source: Bloomberg

For more market commentary, follow the MLIV blog.

These are some of the main moves in markets:

Stocks

• The S&P 500 rose 0.3% as of 2:29 p.m. New York time
• The Nasdaq 100 was little changed
• The Dow Jones Industrial Average rose 0.7%
• The MSCI World index rose 0.4%

Currencies

• The Bloomberg Dollar Spot Index was little changed
• The euro was little changed at $1.1928
• The British pound fell 0.3% to $1.3875
• The Japanese yen was unchanged at 110.87 per dollar

Bonds

• The yield on 10-year Treasuries rose five basis points to 1.54%
• Germany’s 10-year yield advanced three basis points to -0.16%
• Britain’s 10-year yield advanced four basis points to 0.78%

Commodities

• West Texas Intermediate crude rose 0.9% to $73.94 a barrel
• Gold futures were little changed

— With assistance by Sunil Jagtiani, Namitha Jagadeesh, Claire Ballentine, and Kamaron Leach

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