FX RATES
FX RATES

U.S. Stock Futures Edge Higher as Earnings Roll In: Markets Wrap

U.S. futures drifted higher, while European and Asian stocks advanced as investors weighed earnings from companies including some of the world’s biggest banks. Treasury yields edged up.

Contracts on the S&P 500 Index rose 0.1%, with Goldman Sachs Group Inc. climbing in pre-market trading after its revenue beat estimates. JPMorgan Chase & Co. dropped 0.5% as the bank warned that loan demand remained tepid. Shares of Discovery Inc. fell after Credit Suisse Group AG unloaded about $2 billion of stocks tied to the Archegos Capital Management blowup, including those of the media company.

Nasdaq 100 futures outperformed, while European shares got a boost from positive updates by LVMH and SAP SE. Oil rose above $61 a barrel.

“A lot of growth and inflation have already been priced into the market,” said Emily Roland, co-chief investment strategist at John Hancock Investment Management. “It’s almost as if you need to exceed those expectations in order to see a more pronounced reaction from markets.”

The White House said the U.S. inoculation campaign remains on track despite a pause in Johnson & Johnson doses amid health concerns. J&J shares were lower in U.S. pre-market trading, while rival Moderna Inc. rose.

Elsewhere, Bitcoin jumped to an all-time high, as did Ether, the second-largest digital token, with shares of cryptocurrency company Coinbase Global Inc. set for their trading debut on the Nasdaq.

Some key events to watch this week:

  • Banks and financial firms begin reporting first-quarter earnings, including Citigroup Inc.Bank of America Corp.Morgan Stanley
  • Economic Club of Washington hosts Fed Chair Jerome Powell for a moderated Q&A on Wednesday.
  • U.S. Federal Reserve releases Beige Book on Wednesday.
  • U.S. data including initial jobless claims, industrial production and retail sales come Thursday.
  • China economic growth, industrial production and retail sales figures are on Friday.

These are some of the main moves in financial markets:

Stocks

  • Futures on the S&P 500 Index climbed 0.1% as of 8:23 a.m. New York time.
  • The Stoxx Europe 600 Index increased 0.1%.
  • The MSCI Asia Pacific Index gained 0.7%.
  • The MSCI Emerging Market Index gained 0.9%.

Currencies

  • The Bloomberg Dollar Spot Index was little changed.
  • The euro gained 0.1% to $1.1959.
  • The British pound was little changed at $1.3755.
  • The onshore yuan strengthened 0.2% to 6.531 per dollar.
  • The Japanese yen strengthened 0.1% to 108.95 per dollar.

Bonds

  • The yield on 10-year Treasuries jumped one basis point to 1.63%.
  • The yield on two-year Treasuries increased less than one basis point to 0.16%.
  • Germany’s 10-year yield declined less than one basis point to -0.30%.
  • Britain’s 10-year yield decreased less than one basis point to 0.777%.
  • Japan’s 10-year yield decreased one basis point to 0.093%.

Commodities

  • West Texas Intermediate crude gained 1.6% to $61.12 a barrel.
  • Brent crude gained 1.6% to $64.71 a barrel.
  • Gold weakened 0.1% to $1,744.47 announce.

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