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.
