(Bloomberg) — Stocks rose and U.S. futures were steady as traders turned their attention to earnings reports from companies including JPMorgan Chase & Co. and Goldman Sachs Group Inc.
European equities edged higher on mixed results, with LVMH climbing on better-than-forecast revenue, while Barclays Plc and Tesco Plc slipped. Some of the biggest U.S. banks are due to announce later on Wednesday. Most Asian stocks climbed, although shares dipped in Japan amid concerns about the slow vaccine rollout.
Treasuries held most of Tuesday’s advance after a successful sale of 30-year bonds. The U.S. dollar added to the prior session’s losses, while oil traded above $60 a barrel.
With global stocks hovering near all-time highs, investors are looking to the earnings season for further catalysts. Expectations of a strong profit rebound have helped markets rally, setting the bar high as reporting kicks off. More broadly, investors are monitoring vaccine developments for any threats to the economic recovery, while also keeping an eye on the rising inflation.
“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.
Elsewhere, Asia’s credit markets steadied after pressure from a sharp selloff in one of China’s largest bad-debt managers. Bitcoin jumped to an all-time high, as did Ether, the second-largest digital token. The Nasdaq set a reference price of $250 for the direct listing of Coinbase Global Inc., the cryptocurrency exchange that starts trading Wednesday.
Some key events to watch this week:
Banks and financial firms begin reporting first-quarter earnings, including JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Morgan Stanley, Goldman Sachs Group Inc.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 increased 0.1% as of 8:34 a.m. London time.The Stoxx Europe 600 Index climbed 0.1%.The MSCI Asia Pacific Index increased 0.7%.The MSCI Emerging Market Index increased 0.9%.
Currencies
The Bloomberg Dollar Spot Index dipped 0.1%.The euro gained 0.1% to $1.1965.The British pound gained 0.4% to $1.3799.The onshore yuan strengthened 0.1% to 6.536 per dollar.The Japanese yen strengthened 0.1% to 108.97 per…
Read More: Stocks Rise, U.S. Futures Steady Before Earnings: Markets Wrap