Market Overview

U.S. equities rose to all-time highs as investors awaited minutes from the Federal Reserve’s latest meeting

U.S. equities rose to all-time highs as investors awaited minutes from the Federal Reserve’s latest meeting

U.S. equities rose to all-time highs as investors awaited minutes from the Federal Reserve’s latest meeting for clues on policy makers’ thinking on interest rates and stimulus. Treasury notes extended gains, pushing the benchmark yield to a more than four-month low. Ten-year U.S. note yields fell for a second day, dropping below 1.3% for the first time since February, amid concern the global inflation trade could be faltering. The S&P 500 and Nasdaq Composite swung between gains and losses after setting records. Energy shares were the big losers in the benchmark S&P.

The dollar rose against a basket of major currencies. Oil fell amid the OPEC+ crisis, which has stymied efforts to raise production and buffeted prices. Markets are seeking to stabilize after Tuesday’s risk-off move, sparked by concerns about the outlook for the global economy as new virus variants emerge. Investors are taking some heart from soft U.S. data that suggests the Fed will continue offering monetary support for now. But with global stocks near all-time highs and inflationary pressures in focus, they’ll pay close attention to the wording of the minutes from the central bank’s last meeting for clues on the policy path.

Stocks

The S&P 500 rose 0.2% to a record high as of 1:29 p.m. New York timeThe Nasdaq 100 rose 0.1% to a record highThe Dow Jones Industrial Average was little changedThe MSCI World index was little changed

Currencies

The Bloomberg Dollar Spot Index rose 0.1%, climbing for the third straight day, the longest winning streak since July 1The euro fell 0.2% to the lowest since April 2The British pound was little changed at $1.3795The Japanese yen was little changed at 110.70 per dollar

Bonds

The yield on 10-year Treasuries declined three basis points to the lowest since Feb. 18Germany’s 10-year yield declined three basis points to the lowest since April 9Britain’s 10-year yield declined three basis points to the lowest since Feb. 17

Commodities

West Texas Intermediate crude fell 1.9% to $71.99 a barrelGold futures rose 0.4%, climbing for the fifth straight day, the longest winning streak since May 20

Stocks, Bonds Gain Ahead of Fed Minutes Release: Markets Wrap, Bloomberg, Jul 8

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