(Bloomberg) — U.S. futures fell with stocks as investors weighed corporate earnings and recent spikes in virus cases. Oil rose.
Contracts on both the S&P 500 and Nasdaq 100 slid Tuesday, while the Stoxx Europe 600 Index declined by more 1% as tobacco stocks were hit by a report that the U.S. government is considering a rule to strip cigarettes of addictive levels of nicotine. British American Tobacco Plc plunged 6.6%.
Oil jumped above $64 a barrel, a year to the day after futures for the U.S. benchmark collapsed below zero, with the world’s most important commodity extending a powerful rally on bets for better demand.
Investors are awaiting further confirmation of the private sector’s recovery from the pandemic as the earnings season gathers pace. The bright spot in the latest reports was the first revenue gain for International Business Machines Corp. in eleven quarters.
Even with this latest pullback in major indexes, and the relentess spread of Covid-19, global stocks are not far from record highs.
Here are some key events to watch this week:
Apple’s first product unveiling of the year on Tuesday.EIA crude oil inventory report on Wednesday.European Central Bank rate decision and President Christine Lagarde briefing on Thursday.U.S. releases new home sales data
These are some of the main moves in financial markets:
Stocks
Futures on the S&P 500 Index dipped 0.3% as of 10:42 a.m. London time.The Stoxx Europe 600 Index sank 1.1%.The MSCI Asia Pacific Index decreased 0.5%.The MSCI Emerging Market Index climbed 0.1%.
Currencies
The Bloomberg Dollar Spot Index was little changed.The euro gained 0.2% to $1.2058.The British pound was little changed at $1.3985.The onshore yuan strengthened 0.2% to 6.497 per dollar.The Japanese yen weakened 0.3% to 108.47 per dollar.
Bonds
The yield on 10-year Treasuries advanced one basis point to 1.62%.The yield on two-year Treasuries was unchanged at 0.16%.Germany’s 10-year yield gained one basis point to -0.23%.Japan’s 10-year yield increased less than one basis point to 0.089%.Britain’s 10-year yield advanced one basis point to 0.765%.
Commodities
West Texas Intermediate crude increased 1% to $64 a barrel.Brent crude gained 1.1% to $67.76 a barrel.Gold weakened 0.3% to $1,765.55 an ounce.
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