Dow Futures wins after jobs report, Nasdaq eases with G-7 tax deal

Monday market minute

  • Global stocks have moved on last week’s softer-than-expected May payroll data and a historic, albeit early, deal on corporate taxes by G7 finance ministers.
  • The tax commitment calls for a minimum corporate tax rate of 15%, but needs both the cooperation of the G20 and the support of legislatures around the world before it can take effect.
  • Oil prices are down from multi-year highs last week as the dollar gains ground and traders post gains.
  • Yields on the benchmark 10-year notes decline to 1.579%, while the dollar index gains 0.1% to trade at 90.187 following last week’s payroll data.
  • CDC data shows that 140 million Americans have been fully vaccinated against the coronavirus, with about 301.6 million doses administered as of Sunday.
  • US equity futures suggest a weaker open ahead of a dovish week of data release, but highlighted by a key reading for May inflation on Thursday.

Wall Street futures traded modestly lower on Monday, with Treasury yields falling and the dollar stable, as investors headed for another week dominated by inflation concerns, with a key reading. of consumer prices on Thursday that will provide the latest downward test from the Federal Reserve. rate stance.

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