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Stocks, futures fall with focus on China, earnings: markets wrap

Treasuries rose.
Image: Qilai Shen/Bloomberg

Stocks fell with US futures on Monday at the start of a busy week of earnings and policy updates, with China’s widening technology crackdown weighing on risk sentiment. Treasuries rose.

Contracts on key US gauges slipped following a record close for Wall Street on Friday. European equities fell from an all-time high as carmakers and banks led losses. Shares in China and Hong Kong tumbled amid a selloff in education tech companies after Beijing announced sweeping reforms of the industry.

Treasuries moved higher as traders braced for possible turbulence from this week’s Federal Reserve meeting, at which officials will likely discuss the outlook for stimulus. Further market cues may also come from a slew of earnings due from Wall street giants including Apple Inc. and Tesla Inc.

While investors have cheered a positive start to the earnings season so far, concerns linger about inflation and the threat to economic growth from the rising delta virus variant. That’s weighed on value stocks, while growth peers are outperforming.

Here are some key events to watch this week:

  • Tesla, Alphabet, Apple, Facebook, Amazon report earnings this week
  • Federal Reserve policy meeting concludes Wednesday
  • US GDP data are due Thursday

These are some of the main moves in markets:

Stocks

  • The Stoxx Europe 600 fell 0.4% as of 9:46 a.m. London time
  • Futures on the S&P 500 fell 0.4%
  • Futures on the Nasdaq 100 fell 0.2%
  • Futures on the Dow Jones Industrial Average fell 0.6%
  • The MSCI Asia Pacific Index fell 1%
  • The MSCI Emerging Markets Index fell 2.1%

Currencies

  • The Bloomberg Dollar Spot Index was little changed
  • The euro was little changed at $1.1779
  • The Japanese yen rose 0.3% to 110.25 per dollar
  • The offshore yuan fell 0.1% to 6.4855 per dollar
  • The British pound rose 0.2% to $1.3769

Bonds

  • The yield on 10-year Treasuries declined four basis points to 1.23%
  • Germany’s 10-year yield declined two basis points to -0.44%
  • Britain’s 10-year yield declined three basis points to 0.55%

Commodities

  • Brent crude fell 1.2% to $73.21 a barrel
  • Spot gold rose 0.4% to $1 809.18 an ounce
© 2021 Bloomberg

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