Futures Trade Flat at End of Best Week in a Month: Markets Wrap

(Bloomberg) -- U.S. and European stock futures were flat on Friday, with global stocks poised to cap their best week in a month as improving economic data provided solace against an acceleration in infections in the U.S.Contracts on the S&P 500 were little changed after the index rose in the wake of a stronger-than-anticipated U.S. jobs report. Manufacturing gauges from the U.S. and China also offered encouraging signs this week, against discouraging signs for the immediate outlook thanks to record numbers of new coronavirus cases in several American states. Crude oil dipped Friday, while Asian stocks rose. The dollar was flat, headed for a weekly drop.Treasury futures were steady, with American cash equity and bond markets shut Friday for the July 4 long weekend. Gold is on course for a fourth week of gains, sitting just below $1,800 an ounce. The MSCI All Country World Index headed for an advance of more than 3% on the week.Investors cheered data showing U.S. payrolls rose by 4.8 million in June after an upwardly revised 2.7 million gain in the prior month. Still, Florida reported that infections and hospitalizations jumped the most yet, and Houston had a surge in intensive-care patients.“There’s still a general positive sentiment about how quickly we’re seeing the recovery,” said Chris Gaffney, president of world markets at TIAA Bank. “But we do think you’re going to see the recovery level off, especially if we continue to see higher case numbers on the virus.”The U.S. labor market made greater progress than expected last month digging out of a deep hole, yet optimism over the rebound was tempered by stubbornly high layoffs and a resurgent coronavirus outbreak across the country. President Donald Trump still said the report shows the economy is “roaring back.”Elsewhere, oil came back from its highest level in almost four months.These are some of the main moves in markets:StocksFutures on the S&P 500 were little changed as of 7:07 a.m. in London. The index gained 0.5% on Thursday.Euro Stoxx 50 futures were also little changed.MSCI Asia Pacific Index rose 0.8%.CurrenciesThe yen was flat at 107.50 per dollar.The offshore yuan traded at 7.0663 per dollar.The euro bought $1.1236, little changed.BondsThe yield on 10-year Treasuries ended Thursday down one basis point at 0.67%.Australia’s 10-year yield dipped to 0.90% on Friday.CommoditiesWest Texas Intermediate crude slid 1% to $40.26 a barrel.Gold was at $1,774 an ounce, little changed.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.