Stock Market Today: Dow, S&P Live Updates for July 12 - Bloomberg

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U.S. futures were mixed as investors turn their attention to the second-quarter earnings season starting this week in order to gauge whether corporate profitability can support equity valuations. Treasury yields dropped.

The Stoxx Europe 600 fluctuated, with declines for banks and travel companies offsetting gains for health care and utilities. Atos SE plunged more than 17% after the French tech-services firm lowered profit targets. Contracts on the S&P 500 dropped, while those on the Nasdaq 100 rose.

Treasuries resumed gains after snapping an eight-session rally Friday. They will remain in focus amid new supply coming to the market this week, as well as key U.S. inflation data and Federal Reserve Chair Jerome Powell’s semi-annual appearance before Congress. The dollar strengthened against major peers.

Equities and bonds have rallied amid a decline in long-term interest rates and inflation expectations as central banks aren’t rushing to pull back support that has helped a recovery from the pandemic. Still, investors remain concerned about the spread of the delta variant and a slowdown in vaccination rates, while pondering when the Fed will start tapering stimulus.

“There does seem to be a complacency that Goldilocks is not only alive and well, but that it’s getting stronger by the day,” Simon Ballard, First Abu Dhabi Bank chief economist, said on Bloomberg Television. “Unfortunately, it has to be recognized that going forward, the longer that rates remain where they are, the more that we look toward tapering, the more severe and acute could be the reaction.”

LISTEN: Lori Calvasina, head of US equity strategy at RBC Capital Markets, discusses equity markets with Nathan Hager on Bloomberg Radio.

Elsewhere, Asian stocks rose at the start of the week after China’s central bank moved to boost liquidity by cutting the amount of cash most banks must hold in reserve to buttress economic growth.

The euro weakened and yields on core European bonds fell after European Central Bank President Christine Lagarde told investors to prepare for new guidance on monetary stimulus in 10 days. Oil extended a decline after its first weekly loss in seven amid an OPEC+ dispute over a production increase.

For more market commentary, follow the MLIV blog.

Here are some events to watch this week:

• Bank of America, BlackRock, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley are among firms starting the U.S. earnings season
• A closely-watched inflation metric -- the June U.S. consumer price index -- will offer insight into the inflationary pressures Tuesday
• The Reserve Bank of New Zealand’s latest interest rate policy Wednesday
• Bank of Korea monetary decision Thursday
• China second-quarter GDP, key economic indicators Thursday
• Federal Reserve Chair Jerome Powell appears before the Senate Banking Committee to deliver the semi-annual Monetary Policy Report to Congress Thursday
• Bank of Japan interest rate decision Friday

These are some of the main moves in financial markets:

Stocks

• Futures on the S&P 500 fell 0.2% as of 6 a.m. New York time
• Futures on the Nasdaq 100 rose 0.2%
• Futures on the Dow Jones Industrial Average fell 0.4%
• The Stoxx Europe 600 was little changed
• The MSCI World index rose 0.2%

Currencies

• The Bloomberg Dollar Spot Index rose 0.2%
• The euro fell 0.2% to $1.1853
• The British pound fell 0.3% to $1.3859
• The Japanese yen was little changed at 110.11 per dollar

Bonds

• The yield on 10-year Treasuries declined three basis points to 1.33%
• Germany’s 10-year yield declined two basis points to -0.31%
• Britain’s 10-year yield declined three basis points to 0.63%

Commodities

• West Texas Intermediate crude fell 1.5% to $73.45 a barrel
• Gold futures fell 0.5% to $1,800.90 an ounce

— With assistance by David Wilson, Andreea Papuc, and Michael Msika

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