Stocks rose Monday along with U.S. and European futures as traders took advantage of last week’s selloff while keeping a wary eye on risks from the delta virus strain and China’s regulatory crackdown.
The dollar fell. MSCI Inc.’s gauge of Asia-Pacific shares posted one of its biggest daily rallies this month, led by Japan. Chinese technology stocks rebounded from a prolonged selloff, while South Korea climbed as export data signaled resilient global demand.
The S&P 500 and Nasdaq 100 advanced Friday on dip buying. Treasury yields ticked up and the dollar slipped for the first day in six on easing demand for havens. Investors are also looking ahead to the Jackson Hole symposium Thursday, which may offer insights into how the Federal Reserve plans to taper bond purchases. Some of the recent weakness in commodities abated, with oil pushing past $63 a barrel.
Commodity-linked currencies like the Australian dollar strengthened. Bitcoin retook $50,000 for the first time since mid-May. How long the recent turbulence in stocks will subside remains an open question. China continues to pursue a sweeping regulatory clampdown under President Xi Jinping, whose rhetoric this year signals a commitment to closing the country’s yawning wealth gap.
