Another high for the S&P 500
• The S&P 500 notched another record high on Tuesday amid bullish economic data but retreated toward the flat line later in the session as Wall Street continued its recent period of low volatility. The broad market index ticked up less than 0.1% to 4,291.80, good enough for its fourth-straight record close. The Dow Jones Industrial Average rose 9 points after being up more than 100 points earlier in the session, closing at 34,292.29. The tech-heavy Nasdaq Composite added about 0.2% for its own record of 14,528.33.
• European equities rose on Tuesday, with the Stoxx Europe 600 index up 0.3% by the close, with autos and consumer discretionary gaining. The European benchmark sits less than 1% off a record. Euro area data released on Tuesday showed sentiment among consumers increased for a fifth straight month. Still, the equities rally has plateaued in recent weeks amid worries about the implications of rising inflation, and more recently, as key tourist hotspots imposed new requirements on British holidaymakers due to the spread of the Delta variant.
• Markets were more subdued in Asia as equities fell, hurt by declines in cyclical shares on concerns the spread of the delta variant of the coronavirus in countries around the region will hamper an economic recovery. Financials and consumer discretionary sectors were the biggest drags on the MSCI Asia Pacific Index. The gauge slipped as much as 0.7%.
• The Shanghai Composite Index fell 0.9%, the Shenzhen Composite Index lost 0.9%, and the ChiNext Price Index was 0.2% lower. The Hang Seng finished down 0.9% on the renewed pandemic concerns. In Japan, the Nikkei 225 opened lower and traded sideways, finishing off lower by 0.8% after a soft government unemployment report. The national unemployment rate rose to 3.0% in May from 2.8% in April, according to the Ministry of Internal Affairs and Communications. Cyclicals led a selloff in Singapore stocks amid lagging reopening plans. The Straits Times Index fell 1.2% to 3,089.49. The move was the biggest since falling 1.1% on 16 June.