FX RATES
FX RATES

Stocks Extend Record, U.S. Treasuries Hold Steady: Markets Wrap

Global stocks extended a record high and U.S. Treasuries were steady amid growing confidence inflation will prove transitory, leaving scope for continued central-bank support.

The MSCI All Country World Index was poised for a fourth weekly advance. S&P 500 Index futures rose 0.1% after the benchmark gauge scaled a new high Thursday. Vertex Pharmaceuticals Inc. tumbled 13% in premarket trading after halting the development of a therapy for a rare genetic disorder.

Faster-than-expected U.S. consumer-price growth for May was largely driven by categories associated with economic reopening’s, bolstering the view price pressures may ease later in the year. With the Federal Reserve setting a high bar for reconsidering its dovish stance, the data ended up stoking risk appetite across global markets.

“The bond market is falling in line with the Fed’s thinking that inflation is transitory and does not warrant tapering of monetary stimulus any time soon,” said Anu Gaggar, senior global investment analyst at Commonwealth Financial Network.

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