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Stock Market Today: Dow, S&P Live Updates for Apr. 13, 2021

Chinese Stocks Slump as Upbeat Data Deepens Liquidity Concerns

Photographer: Qilai Shen/Bloomberg

Most Asian equities rose Tuesday after U.S. stocks closed around record highs as investors eye the start of the corporate earnings season and relatively smooth sales of government debt.

Shares advanced in Hong Kong and Japan, but fluctuated in China as export growth missed forecasts in March. U.S. equity futures were steady following a slight pullback in the S&P 500 Index after three straight weeks of gains. Tech shares weakened, led by Intel Corp. as Nvidia Corp. homed in on its microprocessors market.

The cost of insuring Asia’s investment-grade bonds rose after a record spike in yields on the debt of state-owned enterprise China Huarong Asset Management Co.

U.S. bond yields and the dollar ticked up. The Treasury’s sales of three- and 10-year notes attracted decent demand, and the focus turns to Tuesday’s 30-year auction.

U.S. equity benchmark already tops strategists' year-end target

A positive outlook for U.S. growth should help corporate earnings, though stocks look precarious around record highs given spikes in Covid-19 cases and troubled vaccine rollouts in parts of the world. While concerns about higher borrowing costs have eased on central banks’ assurances that interest rates will remain low, investors are still alert to the risk of rebounding inflation. U.S. consumer prices data are due Tuesday.

“It’s not too late to focus on the relationary trade,” Suresh Tantia, senior investment strategist at Credit Suisse, told Bloomberg TV. “The sectors which are more exposed to cyclical recovery and inflation will do better than growth stocks in the next three- to six months.”

Elsewhere, Treasury Secretary Janet Yellen will decline to name China as a currency manipulator in her first semiannual foreign-exchange report, according to people familiar with the matter, allowing the U.S. to sidestep a fresh clash with Beijing.

Read More: Stock Market Today: Dow, S&P Live Updates for Apr. 13, 2021

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