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Global equity markets tumbled to weekly lows yesterday as oil surged and expectations for another Fed rate hike intensified, pushing Treasury yields to multi-year highs.
The key barometer, the MSCI All-Country World Index, fell by 0.2% to its lowest level since September 18, while Asian equities lost about 1%. Nasdaq 100 futures slipped by 0.4%, foreshadowing further pressure on Wall Street after Monday's sell-off led by large tech names.
In Asia, Treasury yields stabilized after the New York session rout. The 10-year US yield added one basis point to 5.25% after spiking to its highest level since 2007 on Monday. The 30-year yield rose by one point to 5.56%, and the dollar strengthened modestly against most major peers.
Investor sentiment was darkened by Brent crude, which climbed for a second straight day as hopes for a quick diplomatic breakthrough in the Middle East faded. With the Fed squarely focused on inflation, the probability of further rate hikes is likely to rise — a dynamic that will continue to weigh on equities.
Elsewhere, gold gained 0.3% to $4,130/oz after plunging nearly 4% on Monday. Silver held around $60.60/oz. Chinese equities were broadly flat after Beijing signaled its strongest commitment yet to act swiftly to counter a deepening growth slowdown, pledging new economic support measures.
Traders will also be watching a packed US economic calendar this week for clues about whether the economy is resilient enough to justify further Fed tightening. Tuesday brings consumer sentiment data and JOLTS for August, followed by readings on consumer spending and inflation.
Technically, the S&P 500 chart indicates that the immediate task for buyers is to overcome the resistance level of $7,698. That would lead to renewed upside and open the path to $7,718. Holding above $7,737 would further strengthen the bulls' case. On the downside, buyers must defend $7,679. A break below that level would likely push the index back to $7,656 and open the way to $7,631.
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