Stocks Rise in Broad-Based Rally While Bonds Drop: Markets Wrap – Yahoo Finance

(Bloomberg) — Stocks extended their monthly rally, with gains in almost every major industry. Bonds retreated.

Commodity, industrial and technology shares led gains on Tuesday, with financials lagging behind even after some of Wall Street’s biggest banks boosted their payouts to shareholders. Despite the renewed S&P 500 advance, there’s been growing concern about the market running too hot amid expectations that this quarter will likely mark the peak of a profit recovery from the depths of the pandemic.

Traders also sifted through the latest economic figures, which showed U.S. home prices jumped the most in more than 30 years in April.

BlackRock Investment Institute strategists are dialing down their excitement for U.S. stocks, at least in the near term. The risk of higher taxes, tighter regulation and potential for faster economic growth in other developed countries has dented the market’s appeal, the strategists led by Wei Li said in a note.

“We see equities in developed markets outside the U.S. as better positioned to capture the economic restart over the tactical horizon, as the powerful restart broadens out,” they wrote. “Potentially higher taxes and more regulations could pose challenges to the strong performance of U.S. stocks.”

For more market commentary, follow the MLIV blog.

Here are some events to watch in the markets this week:

OECD meets in Paris to finalize a proposal to overhaul global minimum corporate taxation WednesdayChina’s President Xi Jinping will deliver a speech as the nation marks the 100th anniversary of the founding of the Chinese Communist Party ThursdayOPEC+ ministerial meeting ThursdayECB President Christine Lagarde speaks FridayThe U.S. jobs report is due Friday

These are some of the main moves in markets:

Stocks

The S&P 500 rose 0.2% as of 9:55 a.m. New York timeThe Nasdaq 100 was little changedThe Dow Jones Industrial Average rose 0.4%The Stoxx Europe 600 rose 0.6%The MSCI World index was little changed

Currencies

The Bloomberg Dollar Spot Index rose 0.2%The euro fell 0.3% to $1.1890The British pound fell 0.4% to $1.3832The Japanese yen was little changed at 110.59 per dollar

Bonds

The yield on 10-year Treasuries advanced two basis points to 1.50%Germany’s 10-year yield advanced three basis points to -0.16%Britain’s 10-year yield advanced two basis points to 0.75%

Commodities

West Texas Intermediate crude rose 0.8% to $73.48 a barrelGold futures fell 1.4% to $1,755.20 an ounce

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