FILE PHOTO: A man stands on an overpass with an electronic board showing Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China January 6, 2021. REUTERS/Aly Song/File Photo
Japan’s Nikkei was little changed while e-mini futures for the S&P 500 shed 0.25%, erasing earlier gains. Yet, many market investors remained on edge, with the next tests of investor appetite for government debt due later this week in the form of 10-year and 30-year auctions. Some investors see a real risk of an overheated U.S. economy and higher inflation on the back of planned spending by the Biden administration, including a $1.9 trillion stimulus and an even bigger initiative on infrastructure.
“Today the 10-year is down a bit, and that takes pressure off valuations, so tech is performing well. The market is just about getting comfortable at this level of rates,” said Kristina Hooper, chief global market strategist at Invesco in New York.
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