U.S. markets open as positive economic data boosts stocks

3 minutes
U.S. markets open as positive economic data boosts stocks

Asian stocks look set to rise Tuesday after U.S. equity rallied on solid economic data that added to evidence of a stronger recovery. The dollar and Treasury yields sank, crude oil sank. Futures pointed higher in Australia and Chinese markets, while Japanese markets will reopen after the holidays.

Hong Kong remains closed; most major companies in the S& P 500 index advanced, bringing the benchmark to an all-time high. Alphabet Inc. and Tesla Inc. helped the Nasdaq 100 tumble 2%; oil plunged as growing delays in Europe's reopening and looming global supply dampened hopes for a swift decline in Iranian inventories. U.S. data continue to highlight an economic pickup as more Americans are vaccinated against coronavirus, restrictions are rolled back and fiscal relief takes hold. In March, the new U.S. service providers had the fastest growth on record as orders jumped to new highs.

A report last week showed that employers in the world's largest economy added the most jobs in seven months.

It is hard to look around and find a lot of reasons to be negative, said Ross Mayfield, an investment strategy analyst at Baird. We had a big beat on March payoffs, Treasuries mostly have been unchanged. It's one of those situations in which good news is actually good news.

At the same time, traders are curbing eye virus across Europe as the region continues to struggle with rising infections that threaten to delay economic reopening there. Elsewhere, another program of block trades in stocks linked to Credit Suisse Group AG is offered by Archegos Capital Management on Monday, according to a person familiar with the matter. The blocks are ViacomCBS Inc., Farfetch Ltd. and Farfetch Holdings Ltd.

The three companies fell in credit Suisse trading, as did the U.S. shares of Credit Suisse.

Here are some important events to watch this week: The 2021 Spring Meetings of the World Bank Group and the International Monetary Fund take place virtually. Janet Yellen is among the participants of a climate debate on Tuesday in the U.S. Treasury Department. On Thursday, the chairman of the Federal Reserve takes part in a panel on the global economy.Japan released its March financials on Thursday.China's Consumer and Producer Prices are due Friday.

These are some of the key moves in markets: The yen traded at 110.17 per dollar.The offshore yuan was at 6.5573 per dollar.

The Bloomberg Dollar Spot Index declined 0.3% and the Euro was$ 1.1813. The yield on 10 year Treasury bonds fell to 1.70% in two basis points. West Texas Intermediate crude tumbled 4.6% to$ 58.65 a barrel and Gold was little changed at$ 1,728.

24 an ounce.

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