U.S. equities climbed to a record high amid solid corporate earnings and confidence that the Federal Reserve will remain accommodative even as robust growth takes the worldâs largest economy back to pre-pandemic levels.
The S&P 500 rose after notching its first weekly decline since mid-March. Most of the main 11 industry groups gained, with energy and consumer-discretionary shares jumping the most. Small-cap stocks in the Russell 2000 outperformed the broader market. The U.S. 10-year Treasury yield hovered around its 50-day moving average. Copper, seen as a barometer of growth, surged to the highest in a decade.
Investors this week will focus on corporate earnings and U.S. economic data even as the Fed primes them to expect no change to policy at their two-day meeting ending Wednesday. While emerging economies from India to Brazil are grappling with a COVID-19 surge or renewed curbs, the developed world is on a firmer recovery path with a faster pace of vaccination.
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Stocks to Open Higher on Strong Data; Fed in Focus: Markets Wrap
Apr 26 2021, 4:33 AM
April 26 2021, 2:49 AM
April 26 2021, 4:33 AM
(Bloomberg) Stocks are set to kick off the week on the front foot in Asia after strong U.S. earnings added to evidence the recovery from the pandemic is gathering speed. Currencies were steady early Monday.
(Bloomberg) Stocks are set to kick off the week on the front foot in Asia after strong U.S. earnings added to evidence the recovery from the pandemic is gathering speed. Currencies were steady early Monday.
Futures pointed higher in Japan, Australia and Hong Kong. U.S. futures were little changed after most major groups in the S&P 500 advanced Friday. U.S. new-home sales rebounded in March to the highest since 2006, while output at manufacturers and service providers reached a record high in April. The 10-year Treasury yield hovered below 1.6%.
Small caps lead US stock gains on solid economic data
Rita Nazareth and Claire Ballentine
Apr 24, 2021 – 6.27am
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New York | Stocks climbed after strong economic data added to evidence the recovery is gaining momentum, with traders also assessing a batch of corporate earnings. The US dollar retreated.
Most major groups in the S&P 500 advanced, led by financial and material shares. A gauge of smaller companies outperformed major benchmarks, while Tesla and Apple paced gains in megacap stocks.
Blue chips Honeywell International, American Express and Intel weighed on the Dow Jones Industrial Average after their quarterly results.
Apple, which unveiled a new iMac this week, reports results after the closing bell in New York on Wednesday (Thursday AEST).
Gold Heads for Third Weekly Gain as Yields, Dollar Trend Down
Bloomberg 1 hr ago Eddie Spence
(Bloomberg) Gold is headed for a third straight weekly gain as bond yields and the dollar continued their downtrend after surging at the start of the year.
Applications for U.S. state unemployment insurance unexpectedly plunged to a fresh pandemic low, weighing on demand for haven assets and pushing bullion down from the highest in nine weeks. The metal did trim its loss after Bloomberg reported President Joe Biden would propose almost doubling the capital gains tax for wealthy individuals, which hammered U.S. stocks.