(Bloomberg) – U.S. stocks rose as investors weighed in a report showing state unemployment insurance claims last week fell to a new pandemic low over the prospect of a hike in l ‘inflation.
The Nasdaq 100 index led all major US benchmarks higher at the start of the session. Technology stocks rose the most in the S&P 500. Cisco Systems Inc. fell after its earnings forecast missed estimates. European stocks rebounded from a two-week low, with automakers and financial services firms leading the gains. Asian shares have changed little.
The latest jobs report follows growing concern that faster inflation will prompt the authorities to reverse the stimulus weighed on risky assets in recent sessions. The minutes of the last Federal Reserve meeting showed that some officials were open to a debate at “next meetings” about reducing bond purchases if the US economy continues to grow rapidly.
“It’s a bit premature to talk about it, worry or be disappointed if they make certain comments about tapering,” said Megan Horneman, director of portfolio strategy at Verdence Capital Advisors. “There will be more indications in the second half of this year when we have a better gauge if these inflationary pressures are transient and we have a much better gauge on the health of the labor market. “
Oil reversed an earlier gain, extending the three-week low after the Iranian president said the outlines of a deal to end sanctions on his oil had been reached. Yields on 10-year Treasuries fell as the dollar weakened. Cryptocurrencies stabilized with Bitcoin trading higher after Wednesday’s wild swings.
Elsewhere, copper rose after Wednesday’s crisis, helped by expectations that demand would remain resilient. Iron ore futures have slipped.
Here are some key events from this week:
IMF Managing Director Kristalina Georgieva and ECB President Christine Lagarde speak at the Vienna Economic Dialogue on Thursday. Eurozone finance ministers and central bank heads hold an informal meeting. A larger group of EU finance ministers and central bank heads will meet on May 22
Here are some of the main movements in the markets:
The S&P 500 rose 0.4% at 9:36 a.m. New York time The Nasdaq 100 rose 0.9% The Dow Jones Industrial Average was little changed The Stoxx Europe 600 rose 0.7% The MSCI World index rose 0.4% Nasdaq 100 futures rose 0.8% The MSCI Asia Pacific index was little changed MSCI Emerging Markets index was little changed
Bloomberg Dollar Spot Index fell 0.3% Euro rose 0.3% to $ 1.22 14 British pound rose 0.3% to $ 1.4156 Japanese yen rose 0.3% to $ 1.22 0.4% to 108.83 per dollar The offshore yuan was little changed at 6.4338 per dollar
The 10-year Treasury bill yield fell two basis points to 1.66% Germany’s 10-year yield advanced one basis point to -0.10% The 10-year yield of Great Britain was little changed at 0.86%
West Texas Intermediate crude fell 0.7% to $ 63 per barrel, gold futures fell 0.5% to $ 1,872 per ounce
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