Stock Market Today: Dow, S&P Live Updates for May 31 - Bloomberg

Stocks in Europe struggled for traction along with U.S. futures after signs China’s economic recovery may be leveling out and as investors continue to weigh global inflation risks.

The Stoxx Europe 600 index fluctuated at the open as Deutsche Bank AG declined after a warning by Federal Reserve that its compliance programs aren’t adequate. Contracts on the S&P 500 and Nasdaq 100 inched higher, with restricted trading hours on Monday due to the Memorial Day holiday in the U.S. There’s no Treasuries cash trading today, after the 10-year yield dropped below 1.60% on Friday. The dollar was steady.

In Asia, Japan underperformed amid concern about an extended state of emergency to curb the coronavirus. Shares fell in Hong Kong and fluctuated in China, where a gauge of the manufacturing industry suggested the economy’s recovery momentum might have peaked.

Summer Loving

Global stocks have seen positive performance in June and July in recent years

Source: Bloomberg

Global stocks remain near a record, lifted by the ongoing economic recovery from the pandemic and injections of stimulus. The rally has so far weathered concerns that price pressures could force an earlier-than-expected reduction in central bank support. But investors remain sensitive to the risk, and this week’s U.S. non-farm payrolls report could buffet markets if it changes perceptions of the rebound’s strength.

“Policy makers have committed to accepting a higher level of inflation, higher volatility in inflation and as that happens you will see inflation moving structurally higher,” Mixo Das, JPMorgan Asia equity strategist, said on Bloomberg TV. “I don’t think this is in the prices yet.”

The offshore yuan stabilized in the wake of comments leaning against its climb. Two state-run newspapers flagged risks fueled by rapid gains in the currency. China also set its daily reference rate at a weaker-than-expected level.

Bitcoin hovered around $35,000 after a Friday slump as Bank of Japan Governor Haruhiko Kuroda warned about the token’s volatility and speculative trading. Crude oil advanced.

Here are key events to watch this week:

• U.S. markets will be closed for the Memorial Day holiday. U.K. markets will be closed for the Spring Bank holiday
• Reserve Bank of Australia policy decision Tuesday
• OPEC+ meets to review oil production levels Tuesday
• Philadelphia Fed President Patrick Harker, Chicago Fed President Charles Evans, Atlanta Fed President Raphael Bostic and Dallas Fed President Robert Kaplan speak Wednesday
• U.S. employment report for May on Friday

These are some of the main moves in markets:

Stocks

• The Stoxx Europe 600 was little changed as of 8:25 a.m. London time
• Futures on the Nasdaq 100 rose 0.2%
• Futures on the S&P 500 rose 0.2%
• The MSCI Asia Pacific Index rose 0.3%
• The MSCI Emerging Markets Index rose 1%

Currencies

• The Bloomberg Dollar Spot Index was flat
• The euro was little changed at $1.2196
• The Japanese yen rose 0.1% to 109.71 per dollar
• The offshore yuan was little changed at 6.3626 per dollar
• The British pound was little changed at $1.4182

Bonds

• Germany’s 10-year yield advanced three basis points to -0.16%
• Britain’s 10-year yield declined two basis points to 0.79%

Commodities

• Brent crude rose 0.9% to $69 a barrel
• Spot gold was little changed

— With assistance by Cormac Mullen

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Stock Market Today: Dow, S&P Live Updates for May 31 - Bloomberg
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