Dow Jones – Stock Market Today: Dow, S&P Live Updates for Apr. 9, 2021
U.S. equity-index futures struggled for direction on Friday as investors weighed prospects for economic growth against lingering inflation concerns. Treasury yields rose and the dollar gained.
S&P 500 futures fluctuated, while contracts on the Nasdaq 100 edged lower as factory-price data from China spurred new concerns over global inflation despite Federal Reserve Chair Jerome Powell’s promise of a U.S. recovery without surging prices. American producer-price data later Friday may provide further clues on the outlook.
The Stoxx Europe 600 index was flat, on course for a sixth straight week of gains, the longest run since November 2019. Airbus SE gained as much as 3.3% after stepping up deliveries even as coronavirus flare-ups delayed a recovery in air travel. Bond yields ticked higher across the euro region.
Fed officials have stressed that the U.S. economy continues to need aggressive policy support as it recovers from the pandemic. Powell said Thursday that policy makers would react if inflation expectations started “moving persistently and materially” above tolerable levels. Despite the strength of some indicators, the recovery remains incomplete, as reflected in the latest unexpectedly high U.S. jobless claims. The next catalyst for stocks is likely the upcoming earnings season.
“U.S. equities are holding on to recent highs with U.S. interest rates remaining stable and the economic outlook improving,” Steen Jakobsen, chief investment officer at Saxo Bank A/S, said in a client note. “We do not expect wild things in today’s trading session as everyone is waiting for the first-quarter earnings season to start next week.”
Germany and France, the euro area’s two largest economies, both saw unexpected declines in industrial production in February, suggesting that coronavirus restrictions are increasingly harming parts of the economy that have proved resilient so far. Germany has doubled its pace of Covid-19 vaccinations after a sluggish start, while Italy is set to ease lockdown curbs.
Oil fluctuated below $60 a barrel as Saudi Arabia defended the OPEC+ plan to boost output, and said the alliance can change course if needed.
These are some of the main moves in markets:
- S&P 500 futures rose less than 0.1% as of 10:38 a.m. in London. The S&P 500 closed 0.4% higher.
- Nasdaq 100 futures slid 0.1% after the index gained 1%.
- The Stoxx Europe 600 index was little changed.
- The MSCI Asia Pacific Index dropped 0.4%.
- The MSCI Emerging Markets Index fell 0.6%.
- The Bloomberg Dollar Spot Index rose 0.3%.
- The euro slipped 0.2% to $1.1887.
- The British pound weakened 0.2% to $1.3709.
- The Japanese yen traded at 109.67 per dollar, down 0.4%.
- The yield on 10-year Treasuries rose four basis points to 1.66%.
- Germany’s 10-year yield climbed two basis points to -0.32%.
- The U.K. 10-year yield rose three basis points to 0.78%.
- West Texas Intermediate crude slipped 0.3% to $59.40 a barrel.
- Gold was 0.5% lower at about $1,746 an ounce.