Stock Market Today: Dow, S&P Live Updates for Jul. 1, 2021 - Bloomberg

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U.S. stocks rose after solid economic data, with cyclical shares outpacing growth companies.

The S&P 500 advanced, with energy, financials and industrial stocks among the biggest gainers. The small-cap Russell 2000 climbed, while the Nasdaq 100 underperformed. Oil rallied on news that Saudi Arabia and Russia have a tentative deal to gradually increase OPEC+ output in the coming months.

U.S. manufacturing continued to expand at a solid, yet slightly slower pace in June while a measure of prices paid for materials jumped to an almost 42-year high. Applications for state unemployment insurance fell last week by more than projected. The figures come ahead of Friday’s monthly payrolls report, which will help to shape expectations of when the Federal Reserve might start tapering stimulus.

After a bumper six months, risk assets face challenges from Covid-19 variants and the prospect of diminishing monetary policy support amid inflation pressures in the second half of the year. That’s leading to predictions of a pickup in volatility and stirring questions about whether bets tied to economic reopening -- such as on cyclical stocks and higher longer-term Treasury yields -- will prosper.

“What we’re seeing at the moment is markets coming to the realization that they have to discount the risk -- the high probability I really should say -- that the Covid-19 virus will be with us for the foreseeable future,” Kyle Rodda, an analyst at IG Markets, said on Bloomberg Television. He added investors will reward countries with adequate vaccine capacity, helping to explain some of the strength of U.S. and European stocks relative to Asian equities.

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

• ECB President Christine Lagarde speaks Friday
• The U.S. jobs report is due Friday

These are some of the main moves in markets:

Stocks

• The S&P 500 rose 0.3% as of 10:08 a.m. New York time
• The Nasdaq 100 was little changed
• The Dow Jones Industrial Average rose 0.3%
• The Stoxx Europe 600 rose 0.7%
• The MSCI World index rose 0.2%

Currencies

• The Bloomberg Dollar Spot Index was little changed
• The euro was little changed at $1.1869
• The British pound fell 0.2% to $1.3805
• The Japanese yen fell 0.3% to 111.45 per dollar

Bonds

• The yield on 10-year Treasuries declined two basis points to 1.45%
• Germany’s 10-year yield was little changed at -0.21%
• Britain’s 10-year yield was little changed at 0.72%

Commodities

• West Texas Intermediate crude rose 2.8% to $75.53 a barrel
• Gold futures rose 0.6% to $1,781.70 an ounce

— With assistance by David Wilson

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