U.S. Futures Climb With Global Stocks; Yuan Falls: Markets Wrap - Yahoo Canada Finance

Stocks Rise to Six-Week High in Busy Earnings Week: Markets Wrap

(Bloomberg) --

U.S. stocks climbed to an almost six-week high as traders awaited earnings from big banks and news on a fresh round of economic stimulus.

The S&P 500 extended gains into a fourth day, led by megacap tech shares such as Apple Inc., Tesla Inc. and Amazon.com Inc. As lenders including JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. report third-quarter results this week, analysts expect a slight uptick in net charge-offs with some loans souring. The Treasury market is closed for a U.S. holiday.

Prospects for another round of fiscal spending remain highly unsettled after President Donald Trump pulled out of talks on Oct. 6, hours after Federal Rserve Chairman Jerome Powell urged lawmakers err on the side of doing more rather than less to help the economy heal from Covid-19. The White House subsequently proposed a new $1.8 trillion stimulus package, with Trump himself saying he wanted to go even further, and negotiations with Democrats are expected to continue this week.

These are some of the main moves in markets:

Stocks

The S&P 500 advanced 0.8% as of 9:35 a.m. New York time.The Stoxx Europe 600 Index gained 0.6%.The MSCI Asia Pacific Index climbed 0.8%.

Currencies

The Bloomberg Dollar Spot Index advanced 0.1%.The euro decreased 0.1% to $1.181.The British pound was little changed at $1.3042.

Bonds

Germany’s 10-year yield fell two basis points to -0.54%.Britain’s 10-year yield declined one basis point to 0.268%.

Commodities

The Bloomberg Commodity Index advanced 0.1%.West Texas Intermediate crude decreased 1.6% to $39.95 a barrel.Gold weakened 0.4% to $1,922.47 an ounce.

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2020-10-12 12:35:00Z
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