Stocks came off session highs as giants Tesla Inc. and Amazon.com Inc. weighed on the Nasdaq 100. Traders also assessed economic data, with inflation remaining at the forefront of the investment debate. The dollar fell, while Treasuries advanced.
Most major groups in the S&P 500 rose, with gains in commodity and industrial shares offsetting losses in tech and retail companies. Moderna Inc. rallied after agreeing to provide as many as 500 million doses of its COVID-19 shot to the vaccination program known as Covax. Berkshire Hathaway Inc. climbed as Warren Buffett said Greg Abel, vice chairman of non-insurance businesses, would be his likely successor. Estee Lauder Cos. sank as the cosmetics giantâs sales missed estimates.
Stocks trimmed their advance into the close as giants Tesla Inc. and Amazon.com Inc. weighed on the Nasdaq 100. Traders also assessed economic data, with inflation remaining at the forefront of the investment debate. The dollar fell, while Treasuries rose.
Gains in commodity and industrial shares in the S&P 500 offset losses in tech and retail companies. Pfizer Inc. climbed as the Biden administration will support its move to begin exporting U.S.-made doses of the coronavirus vaccine, while Moderna Inc. rallied after agreeing to provide as many as 500 million doses of its shot to the global program Covax. Estee Lauder Cos. sank as the cosmetics giantâs sales missed estimates.
Stocks trimmed their advance into the close as giants Tesla Inc. and Amazon.com Inc. weighed on the Nasdaq 100. Traders also assessed economic data, with inflation remaining at the forefront of the investment debate. The dollar fell, while Treasuries rose.
Gains in commodity and industrial shares in the S&P 500 offset losses in tech and retail companies. Pfizer Inc. climbed as the Biden administration will support its move to begin exporting U.S.-made doses of the coronavirus vaccine, while Moderna Inc. rallied after agreeing to provide as many as 500 million doses of its shot to the global program Covax. Estee Lauder Cos. sank as the cosmetics giantâs sales missed estimates.
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app instead?
Crude oil headed lower, while gold ticked up.
By Andreea Papuc, Bloomberg
3 May 2021 08:19
Image: Bloomberg
US equity futures climbed and stocks in Asia dropped Monday as investors assessed inflation risks amid improving economic activity. The dollar held onto gains.
Hong Kong led losses amid low volumes with Japan and China, as well as the UK, among markets closed for holidays. US and European futures edged higher after the S&P 500 dropped from a record Friday, amid data pointing to price pressures and talk of a possible pullback in central bank support. Still, the US gauge capped its biggest monthly rally since November.
Federal Reserve officials pointed to a brighter outlook for the economy at their most recent meeting while agreeing to provide continued support through ultralow interest rates and large monthly bond purchases.
President Biden’s $1.9 trillion pandemic relief package, signed into law March 11, prompted Fed policy makers to lift their forecasts for U.S. economic growth and inflation this year ahead of their March 16-17 meeting. Several of them remarked that the measure could improve the position of small businesses hit by the pandemic, lift consumer spending and contain long-term damage to the labor market.
Still, most of the 18 officials at the meeting expected rates to remain pinned near zero through 2023 and expressed no readiness to reduce the bond purchases last month, according to minutes of the meeting, released Wednesday.