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(Bloomberg) — U.S. stocks climbed to another all-time high as investors await the second-quarter earnings season starting this week in order to gauge whether corporate profitability can support equity valuations. Treasury yields edged higher.

The S&P 500 was led to a record by the financial and real estate sectors, while the tech-heavy Nasdaq 100 was mostly little changed. Both indexes closed at all-time highs Friday. The Stoxx Europe 600 fluctuated before turning higher, with gains for real estate and utilities offsetting losses for commodity producers and travel companies.

Treasury sold $58 billion of three-year notes at yields slightly higher than before the auction. The U.S. will sell 10-year notes this afternoon. The dollar strengthened against major peers.

Equities and bonds have rallied amid a decline in long-term interest rates and inflation expectations as central banks aren’t rushing to pull back support that has helped a recovery from the pandemic. Still, investors remain concerned about the spread of the delta variant and a slowdown in vaccination rates, while pondering when the Fed will start tapering stimulus.

“The question at the core of the movements in the 10-year Treasury’s yield for most of this year has been whether economic re-openings stateside and around the globe will generate levels of longer lasting inflation for economies, central banks and markets to contend with or will the near-term inflation consumers and businesses are experiencing be transitory as economies transition to a post-Covid environment,” John Stoltzfus, chief investment strategist at Oppenheimer & Co., wrote to clients.

Elsewhere, Asian stocks rose at the start of the week after China’s central bank moved to boost liquidity by cutting the amount of cash most banks must hold in reserve to buttress economic growth.

The euro weakened and yields on core European bonds fell after European Central Bank President Christine Lagarde told investors to prepare for new guidance on monetary stimulus in 10 days. Oil extended a decline after its first weekly loss in seven amid an OPEC+ dispute over a production increase.

For more market commentary, follow the MLIV blog.

Here are some events to watch this week:

Bank of America, BlackRock, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley are among firms starting the U.S. earnings seasonA closely-watched inflation metric — the June U.S. consumer price index — will offer insight into the inflationary pressures TuesdayThe Reserve Bank of New Zealand’s latest interest rate policy WednesdayBank of Korea monetary decision ThursdayChina second-quarter GDP, key economic indicators ThursdayFederal Reserve Chair Jerome Powell appears before the Senate Banking Committee to deliver the semi-annual Monetary Policy Report to Congress ThursdayBank of Japan interest rate decision Friday

These are some of the main moves in financial markets:


The S&P 500 rose 0.1% as of 11:38 a.m. New York timeThe Nasdaq 100 rose 0.1%The Dow Jones Industrial Average rose 0.2%The Stoxx Europe 600 rose 0.7%The MSCI World index rose 0.4%


The Bloomberg Dollar Spot Index rose 0.1%The euro fell 0.1% to $1.1860The British pound fell 0.1% to $1.3881The Japanese yen fell 0.2% to 110.36 per dollar


The yield on 10-year Treasuries was little changed at 1.37%Germany’s 10-year yield was little changed at -0.30%Britain’s 10-year yield declined one basis point to 0.64%


West Texas Intermediate crude fell 0.6% to $74.14 a barrelGold futures fell 0.3% to $1,804.80 an ounce

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