Stock Market Today: Dow, S&P Live Updates for Jul. 16, 2021 - Bloomberg

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U.S. stock-index futures erased losses and European stocks rose as investors assessed the earnings upshot of economic reopening and the Federal Reserve’s assurance on continued policy support.

Contracts on the S&P 500 Index rose after falling as much as 0.3%. Europe’s Stoxx 600 gauge rebounded amid positive earnings updates from luxury and retail sectors. U.S. Treasuries trimmed their third weekly decline in yields. Crude oil headed for the biggest weekly slump since March.

Investors are turning their attention to corporate earnings, with optimism over resurgent consumer demand tempered by the spread of the coronavirus delta variant. The outlook for stocks is held up by repeated assurances from the Federal Reserve Chair Jerome Powell that the post-lockdown surge in inflation doesn’t yet warrant a tapering of stimulus.

“At least for the next 12 to 18 months, we’re going to be living in a period of heightened inflation pressures,” Sean Darby, a global equity strategist at Jefferies, said on Bloomberg Television. “The good news is at least for the next 12 months, I don’t think the profit cycle is going to pull the rug from under the feet of equity investors. It’s still a reasonable environment for equity markets to outperform other asset classes.”

Powell defended the central bank’s accommodative stance for a second time in two days in his testimonies to lawmakers. Officials expect a transient surge in price pressures amid the reopening from the pandemic, but some others fear stickier inflation that could hurt economic prospects. 

West Texas Intermediate crude contracts continued their decline amid virus flareups and uncertainty over an OPEC+ deal to boost supply. New Zealand’s dollar advanced after the nation’s inflation breached the central bank’s target range, reinforcing bets on an interest-rate increase.

In Japan, the central bank left its main monetary policy settings unchanged. Elsewhere, the Biden administration is set to issue an advisory cautioning U.S. companies about the risks of doing business in Hong Kong.

Hong Kong stocks rallied on Beijing’s plan to exempt companies going public in the city from seeking cybersecurity regulatory approval. Moderna Inc. jumped almost 8% in extended New York trading on an announcement the vaccine maker is set to join the S&P 500.

For more market commentary, follow the MLIV blog.

These are some of the main moves in financial markets:

Stocks

• The Stoxx Europe 600 rose 0.3% as of 8:35 a.m. London time
• Futures on the S&P 500 were little changed
• Futures on the Nasdaq 100 were little changed
• Futures on the Dow Jones Industrial Average were little changed
• The MSCI Asia Pacific Index fell 0.4%
• The MSCI Emerging Markets Index fell 0.5%

Currencies

• The Bloomberg Dollar Spot Index was little changed
• The euro fell 0.1% to $1.1799
• The Japanese yen fell 0.3% to 110.12 per dollar
• The offshore yuan fell 0.1% to 6.4699 per dollar
• The British pound fell 0.2% to $1.3797

Bonds

• The yield on 10-year Treasuries advanced two basis points to 1.32%
• Germany’s 10-year yield was little changed at -0.34%
• Britain’s 10-year yield declined three basis points to 0.64%

Commodities

• Brent crude fell 0.3% to $73.28 a barrel
• Spot gold fell 0.4% to $1,821.99 an ounce

— With assistance by Claire Ballentine, and Natalia Kniazhevich

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