Bloomberg
(Bloomberg) -- Asian stocks had a muted open and U.S. futures rose Tuesday after a rotation out of growth stocks drove the Nasdaq 100 Index into a technical correction. Treasury yields and the dollar steadied.Equities rose modestly in Japan and Australia and ticked lower in South Korea. S&P 500 and Nasdaq 100 futures advanced. Earlier, the U.S. tech benchmark tumbled almost 3% Tuesday to its lowest close since November, and is now down 11% from an all-time high in February. The S&P 500 Index shed intraday gains as the retreat in high-valuation stocks offset a rise in financial and materials shares. The Dow Jones Industrial Average hit an all-time high.The U.S. benchmark bond yield traded just below 1.6%, with investors watching upcoming auctions for renewed upward pressure. Australian yields climbed. Oil edged lower after Brent crude pulled back below $70 a barrel. Gold steadied from its slide and Bitcoin traded above $52,000.The risks associated with rising bond yields persist, with the U.S. benchmark trading around a 12-month high amid fears that government aid programs could push the economy into overdrive and stoke inflation. Investors are also questioning whether equity valuations have become excessive, especially in speculative tech shares, and are favoring cheaper cyclical stocks.“There’s definitely a lot of volatility in the market right now and many of the sectors that underperformed last year are rallying -- this is part of a rotation,” said Valerie Grant, senior equities portfolio manager at AllianceBernstein.Here are some key events to watch:Japan GDP is due Tuesday.EIA crude oil inventory report is due WednesdayThe U.S. February consumer price index will offer the latest look at price pressures Wednesday.The U.S. government auctions 3-, 10- and 30-year Treasuries this week.The European Central Bank holds its monetary policy meeting and President Christine Lagarde is set to do a briefing Thursday.StocksS&P 500 futures rose 0.5% as of 9:20 a.m. in Tokyo. The S&P 500 Index fell 0.5%.Topix index rose 0.4%.Australia’s S&P/ASX 200 Index rose 0.7%.Kospi index fell 0.7%.CurrenciesThe yen traded at 108.93 per dollar.The offshore yuan was at 6.5514 per dollar.The Bloomberg Dollar Spot Index was flat after rising 0.6%.The euro traded at $1.1849.BondsThe yield on 10-year Treasuries held at 1.59%.Australia’s 10-year bond yield rose 4 basis points to 1.81%.CommoditiesWest Texas Intermediate crude declined 0.5% to $64.75 a barrel.Gold was at $1,684.47 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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