Stock Market Today: Dow, S&P Live Updates for June 28 - Bloomberg

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Asia stocks and U.S. futures were steady Monday with investors weighing the pace of economic recovery against more potent Covid-19 strains and central banks mulling stimulus reductions. The dollar edged higher.

Southeast Asian markets underperformed, led by Malaysia, where a nationwide lockdown was extended. Australia saw a modest dip despite a lockdown in Sydney to contain outbreaks of the highly contagious Delta strain. Japan and China fluctuated. Hong Kong will open for trading in the afternoon after the morning session was canceled because of a rain storm warning. The S&P 500 had its best week since February. Treasuries held losses.

Cryptocurrencies will be closely watched after the U.K. restricted an affiliate of crypto exchange Binance from doing business in the country. Bitcoin rose for a second day, trading in the mid-$30,000s range in Asia on Monday.

Global stocks are trading near a record high as anxiety about the Federal Reserve’s hawkish tilt eased, with investors dialing back concerns that U.S. policy makers will rush to boost interest rates despite mounting inflation pressures. Volatility receded, with the Cboe Volatility Index, or the VIX, sinking to pre-pandemic levels. Still, markets remain sensitive to more central banks debating the withdrawal of emergency stimulus.

“The risk of higher bond yields – and potentially a pull back in equities – due to ongoing strong U.S. economic data remains,” David Bassanese, chief economist at BetaShares, said in a note. “So far at least, long-term bond yields remain contained and equities more focused on the V-shaped rebound in economic growth and corporate earnings.”

Read: Peak Central Bank Support Marks New Phase for World Recovery

Hartmut Issel, head of APAC equities and credit at UBS Wealth Management, discusses Asian markets.

Source: Bloomberg

For more market commentary, follow the MLIV blog.

Here are some events to watch in the markets this week:

• OECD meets in Paris to finalize a proposal to overhaul global minimum corporate taxation Wednesday
• China’s President Xi Jinping will deliver a speech as the nation marks the 100th anniversary of the founding of the Chinese Communist Party Thursday
• OPEC+ ministerial meeting Thursday
• ECB President Christine Lagarde speaks Friday
• The U.S. jobs report is forecast to show an acceleration in payrolls growth in June Friday

These are some of the main moves in markets:

Stocks

• S&P 500 futures were little changed as of 12:25 p.m. in Tokyo. The S&P 500 rose 0.3% Friday
• Nasdaq 100 futures were little changed. The Nasdaq 100 fell less than 0.1%
• Topix index was little changed
• Australia’s S&P/ASX 200 Index fell 0.1%
• Kospi index fell 0.1%
• Shanghai Composite Index dropped 0.1%

Currencies

• The yen was little changed at 110.68 per dollar
• The offshore yuan was at 6.4677 per dollar
• The Bloomberg Dollar Spot Index inched up 0.1%
• The euro declined 0.1% to $1.1922

Bonds

• The yield on 10-year Treasuries was at 1.53%
• Australia’s 10-year bond yield added about three basis points to 1.59%

Commodities

• West Texas Intermediate crude declined 0.1% to $73.96 a barrel
• Gold slipped 0.1% to $1,779 an ounce

— With assistance by Cormac Mullen

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