Stock Market Today: Dow, S&P Live Updates for July 11, 2022

There are fresh concerns about the possibility of more growth-sapping Covid curbs in China that could weigh on the global economy.

Hong Kong's casino shares face a challenging open after Macau said it would close most of its business for a week due to a virus outbreak.

US equity contracts fell after a week of gains. Crude oil fell while the dollar was mixed.

The first case of the highly infectious BA.5 omicron sub-variant was reported by the financial hub of Shanghai on Sunday and it warned of high risks. Efforts to shore up the economy have been promised by Beijing.

Shadow markets still face threats from inflation and economic expansion. The US employment report on Friday alleviated some recession fears.

The US 10-year yield is above 3% but below the two-year rate. There areversions along the yield curve.

An inflation reading due from the US later this week is expected to get closer to 9%, a fresh four-decade high. The first-half wipeout in global equities was caused by recession fears.

Chris Weston, head of research at Pepperstone Group, said in a note that the consumer-price index data will be the main driver of risk this week.

The pound was stable as the race to replace Boris Johnson heated up. Two days after the assassination of former Prime Minister Abe, the ruling coalition expanded its majority in the upper house of parliament.

The main conduit for Russian gas to Europe is going to be down for 10 days. Germany and its allies are bracing for Putin to use the opportunity to cut off flows for good in order to retaliate against the West.

Talks about US tariffs on Chinese imports are still going on, according to President Joe Biden. Some of the Trump-era taxes on consumer goods are being considered. The two leaders are expected to speak in the coming weeks.

There are some main moves in markets.

Stocks

• S&P 500 futures fell 0.3% as of 7:49 a.m. in Tokyo. The S&P 500 fell 0.1% Friday
• Nasdaq 100 futures retreated 0.4%. The Nasdaq 100 rose 0.1% Friday
• Nikkei 225 futures rose 0.8%
• S&P/ASX 200 futures rose 0.3%
• Hang Seng futures were little changed

Currencies

• The Bloomberg Dollar Spot Index was steady
• The euro was at $1.0175, down 0.1%
• The Japanese yen was at 136.18 per dollar
• The offshore yuan was at 6.6879 per dollar

Bonds

• The yield on 10-year Treasuries advanced nine basis points to 3.08% Friday

Commodities

• West Texas Intermediate crude dropped 0.7% to $104.05 a barrel
• Gold was at $1,743.87 an ounce, up 0.1%

With assistance by Jess Menton.