The S&P 500 briefly topped its February record closing high during Wednesday's regular session.
In this week's episode of 'Influencers', Andy Serwer speaks with TIAA President & CEO Roger Ferguson about the health of the U.S. economy, the Federal Reserve's coronavirus response, and racial inequity in corporate America.
(Bloomberg) -- Asian stocks drifted Friday as investors mulled the stalemate in stimulus talks in America and parsed signs of an economic recovery. Treasury yields steadied near an eight-week high and oil headed for a second weekly gain.Shares in South Korea led decliners after daily virus cases there almost doubled. China and Hong Kong fell, while stocks fluctuated in Japan and posted modest gains in Australia. Data showed China’s economic recovery continued in July, though retail sales were weak. S&P 500 futures ticked higher after a drop in the benchmark Thursday. The gauge remains close to a record high. The Nasdaq Composite Index closed up on below-average volume.Investors continue to bank on further fiscal stimulus to help the nascent recovery, after U.S. and Asian stocks erased most of their pandemic-related losses. A report showed weekly jobless claims in the U.S. dropped below 1 million for the first time since March, but there are more Americans seeking work now than at the highest point after the 2008 financial crisis.“Investors assumed that a deal would get done in early August. Now that this is not happening, it raises some risks for the economy,” said Matt Maley, chief market strategist at Miller Tabak & Co. “Therefore, investors are going back to focusing on what will work even if the economy sputters once again.”Meanwhile, Florida’s governor warned that more Covid-19 virus deaths may be coming at nursing homes and assisted-living facilities. Germany recorded the highest number of new cases in more than three months, as cases also rose in France, Greece and Spain.Here are some key events coming up:U.S.-China trade talks are expected in coming days.These are the market movers:StocksS&P 500 futures rose 0.1% as of 1:56 p.m. in Tokyo. The S&P 500 fell 0.2% Thursday.Japan’s Topix Index was little changed.Kospi Index fell 1.2%.Australia’s S&P/ASX 200 rose 0.5%.Hang Seng Index fell 0.2%.Shanghai Composite Index lost 0.2%.CurrenciesThe yen was little changed at 106.95 per dollar.The offshore yuan traded flat at 6.9453 per dollar.The Bloomberg Dollar Spot Index rose less than 0.1%.The euro bought $1.1807, down less than 0.1%.BondsThe yield on 10-year Treasuries fell one basis point to 0.71%.CommoditiesWest Texas Intermediate crude edged up to $42.3 a barrel.Gold was little changed at $1,953 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.