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Stock Futures Rise, Bitcoin Regains Some Ground After Multi-Month Lows

05/24/2021 | 03:40am EDT

By Anna Hirtenstein

U.S. stock futures edged up and bond yields crept lower as investors grew more comfortable with the inflation outlook and the pace of the economic recovery.

Futures tied to the S&P 500 added 0.5%, pointing to a positive start to the week after the broad-market index fell moderately for two weeks in a row. Nasdaq-100 futures also rose 0.5%, suggesting gains for technology stocks after the opening bell.

Investors are keeping a close eye on inflation indicators to determine whether a rise in prices will be temporary or longer-term. Companies that are able to pass along higher costs to consumers such as in energy and materials have been an increasingly popular trade, while technology companies' shares and bonds have lagged.

"Inflation concerns have lessened, there's more of a wider recognition that inflation will be transitory," said Fahad Kamal, chief investment officer at Kleinwort Hambros. "This is reflecting the fact that we hit the fastest part of the recovery. Growth, while continuing, is going to be at a decelerating pace."

In bond markets, the yield on the benchmark 10-year Treasury note declined to 1.618% Monday from 1.629% Friday. Yields fall when prices rise.

Cryptocurrencies continued a dramatic stretch of trading. Bitcoin regained some ground after touching multi-month lows Sunday and traded around $36,750, a 4% rise from Friday at 5 p.m. ET. The cryptocurrency has lost over 40% of its value since its mid-April peak.

"Decentralized finance is facing its first real challenge since inception. We don't think that this is the end, the bubble has not really popped yet," said Monica Defend, global head of research at Amundi. "Central banks are ready to play in the digital currency field, I expect with the central banks in play, there will be more regulation to come and more transparency."

The Chicago Fed National Activity Index, which is seen as a gauge of economic activity and inflationary pressure, will be published at 8:30 a.m. ET.

Federal Reserve Gov. Lael Brainard will be speaking about digital currencies at a virtual event organized by CoinDesk at 9 a.m.

Earnings season is winding down. This week, technology companies including Nvidia on Wednesday and Salesforce.com and Dell Technologies on Thursday, are set to report.

Overseas, the pan-continental Stoxx Europe 600 ticked up 0.1%. Monday is a public holiday in several European countries, including Germany and Denmark. In Asia, major benchmarks were mixed. The Shanghai Composite Index advanced 0.3% while Hong Kong's Hang Seng Index slipped 0.2%.

Write to Anna Hirtenstein at anna.hirtenstein@wsj.com

(END) Dow Jones Newswires

05-24-21 0540ET

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