Stock market news live updates: Stocks head for back-to-back days of gains



Stocks, Treasuries Gain as Inflation Concerns Ebb: Markets Wrap

(Bloomberg) — U.S. equities rose and Treasury yields declined for a second consecutive day as more-tempered commodity prices helped allay concerns about inflation risks.Energy and technology shares led the benchmark S&P 500 Index higher. Futures had earlier pared gains after a report showed U.S. retail sales stalled in April. The tech-heavy Nasdaq 100 also rose, suggesting a market recovery is gaining momentum, after a bruising week that saw gathering price pressures hit equities. An advance in European stocks was led by cyclical industries. MSCI Inc.’s Asia-Pacific share gauge advanced more than 1%.”We have to look ahead six months — we’re having an economy that’s reopening,” Citibank Private Bank Chief Investment Officer David Bailin said on Bloomberg TV. “What we’re seeing is an incredible pent-up demand for certain parts of the economy and basically anything that leaves your house.”Markets appear to be regaining their equilibrium at the end of their biggest retreat in 11 weeks, with the focus of the benefits of an economic rebound overriding worry about the negative side-effect of inflation, for now.The Federal Reserve’s policy is in a good place right now, said Cleveland Fed President Loretta Mester, while playing down signals from data that she warns will be volatile as the economy reopens.That may help to reinvigorate the reflation narrative of picking value shares tied to economic growth over pandemic stay-at-home favorites. Walt Disney Co. fell after results that showed a faltering in growth at streaming service Disney+.Treasuries remained higher after the report showed retail sales stalled in April following a sharp advance in the prior month. The dollar remained weaker against all of its Group of 10 peers.“The disappointing retail sales numbers shouldn’t really come as a huge surprise given that last month encompassed stimulus money hitting bank accounts,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “It probably supports the point of view that the dip we experienced this week is a buying opportunity as all sectors march toward full recovery.”Iron ore continued its fall from a record amid efforts by China to clamp down on surging prices, with the metal set for the biggest two-day plunge since 2019. Oil erased an earlier decline, paring its weekly loss.Bitcoin traded above $50,000, reversing some of its slump on Tesla Inc.’s decision to suspend purchases using the digital currency.The MLIV Question of the Day is: When Can Crypto Reach Mainstream Investing?These are some of the main moves in markets: StocksThe S&P 500 rose 1.1% as of 9:58 a.m. New York timeThe Nasdaq 100 rose 1.2%, more than any closing gain since April 23The Dow Jones Industrial Average rose 0.9%The Stoxx Europe 600 rose 0.9%, more than any closing gain since May 5The MSCI World index rose 1.2%, more than any closing gain since March 26CurrenciesThe Bloomberg Dollar Spot Index fell 0.4%, more than any closing loss since May 7The euro rose 0.5% to $1.2143The British pound rose 0.4% to $1.4107The Japanese yen rose 0.2% to 109.29 per dollarBondsThe yield on 10-year Treasuries declined three basis points to 1.63%Germany’s 10-year yield declined one basis point, more than any closing loss since May 4Britain’s 10-year yield declined four basis points, more than any closing loss since May 4CommoditiesWest Texas Intermediate crude rose 2.2%, the most since May 4Gold futures rose 0.9% to $1,840 an ounceFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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