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Futures, Rates Calm Ahead Of FOMC As Copper Crumbles

World stocks and S&P futures hit another record high on Tuesday, with European stocks poised for their longest record streak since 1999 as investors bet likely “transitory” inflation pressures will stay the U.S. Federal Reserve’s hand from signalling a shift in policy settings. After a powerful ramp in the last 30 minutes of Monday trading, pushing them to new all time highs, S&P 500 futures pared an early gain and were up 0.1% last at 4,250 while as European equities were led higher by chemical firms, despite a sharp drop for European miners after copper touched the lowest level in seven weeks over concerns over U.S. monetary tightening and a pull-back in Chinese demand. The 10-year Treasury yield pulled back under 1.5%, nd the dollar was steady and bitcoin traded just over $40,000.

At 730 a.m. ET, Dow e-minis were flat, S&P 500 e-minis were up 4.50 points, or 0.11%, and Nasdaq 100 e-minis were up 22.75 points, or 0.16%. The S&P 500 , the Dow Jones and the Nasdaq have gained 13.3%, 12.3% and 10%, respectively so far this year as investors tried to find their ground between inflation concerns and optimism about an economic reopening.

In corporate news, Biogen fell 0.9% in premarket trading after the drugmaker’s potential therapy for choroideremia, an inherited disease that leads to vision loss, did not meet the main goal in a late-stage study.

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