Asia Stocks Set for Muted Start; U.S. Shares Rally: Markets Wrap

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Asian stocks looked set for a mixed start Tuesday after strong gains Monday that were carried into the U.S. The dollar fell for a fifth day.

Futures edged lower in Japan and pointed to a modest rise in Hong Kong and Australia. S&P 500 futures dipped after the benchmark rallied for a fifth session, with tech gains pushing the Nasdaq Composite to a record high. Inc. shares rose past $3,000 for the first time, while Tesla Inc.extended a five-day rally to more than 40%. Treasuries dipped. The dollar slid to the weakest since June 10 as risk-on sentiment sapped demand for havens.

Investors have begun the week in an upbeat mood, shrugging off concerns about coronavirus infections sweeping across parts of the U.S. A surge in Chinese shares Monday helped push global stocks to their highest since early June, with investors putting their faith in an economic recovery powered by historic government stimulus and readying for the upcoming earnings season.

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“Investors have recognized that as bad as the economy in the U.S. is, it’s not as bad as what people thought it would look like in March and April,” said Nancy Prial, the co-chief executive officer at Essex Investment Management. “The market has started to sense we might see better than anticipated results fairly broadly across a wide spread of companies.”

Elsewhere, copper was on the cusp of erasing this year’s losses after virus-related disruptions tightened supplies. Oil edged lower with investors concerned that lackluster demand through the summer months will weigh on the market’s recovery.

Here are some key events coming up:

  • The EIA crude oil inventory report comes Wednesday.
  • All eyes will be on the U.S. weekly jobless claims report on Thursday.
  • Singapore holds its general election on Friday.
  • Rate decisions in Australia and Malaysia Tuesday.

These are the main moves in markets:


  • S&P 500 futures fell 0.1%. The S&P 500 Index increased 1.6% Monday.
  • Nikkei 225 futures fell 0.1%.
  • Hang Seng futures rose 0.7%.
  • S&P/ASX 200 futures climbed 0.5%.
  • The Stoxx Europe 600 Index gained 1.6%.


  • The Bloomberg Dollar Spot Index declined 0.3%.
  • The euro was little changed at $1.1309 after a 0.5% gain.
  • The British pound was flat at $1.2491.
  • The Japanese yen was little changed at 107.38 per dollar.


  • The yield on 10-year Treasuries rose one basis point to 0.68%.


  • West Texas Intermediate crude fell 0.1% to $40.59 a barrel.
  • Gold was little changed at $1,785 an ounce.

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