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Futures on US stock indexes continued to rise, opening higher after the indexes recouped some of yesterday's weekly decline on exprectations that the Fed may make a rate hike this year. Futures on the S&P 500 are up 0.3%, while the tech-heavy NASDAQ is up about 0.5%. Today is the last trading day of the third quarter.
Europe's Stoxx 600 was up 1%, spurred by data showing a slowdown in euro zone inflation. Luxury stocks led the gains after strategists at Bank of America Corp. raised their rating on the sector to "above market". Among individual stocks, Germany's Commerzbank AG rose more than 10% after announcing plans to return 3 billion euros to shareholders.
Yesterday's comments from Federal Reserve officials played to the side of buyers of risky assets.
FRB Richmond President Thomas Barkin said the US was likely to avoid a major recession. Meanwhile, his counterpart at the Chicago Fed, Austan Goolsbee, said that policymakers were still thinking about raising interest rates. Fed Chairman Jerome Powell was silent on his outlook for interest rates and the economy. Earlier this month, the regulator left the target range for the federal funds rate unchanged at 5.25-5.5%. Fresh quarterly projections showed that 12 out of 19 officials favored another rate hike in 2023, underscoring the desire to ensure that inflation continues to slow.
Adding to the positive sentiment were reports that Chinese Vice Premier He Lifeng and Foreign Minister Wang Yi are discussing possible visits to the US in preparation for a possible meeting between Xi Jinping and Joe Biden.
Global bond yields fell after a sell-off the day before, with US 10-year Treasuries down more than 3 basis points and Japan's 10-year yield off decade highs after the central bank launched an unscheduled bond-buying operation. Borrowing costs in the UK and the eurozone fell more than 5 basis points.
In the currency markets, the dollar weakened against its Big Ten peers. The Dollar Index may end the quarter up about 2.6%. Yesterday's rally in the oil market also ended in a sharp sell-off on the back of a strong dollar. However, prices are still rising as production cuts and strong global demand influence prices.
As for the S&P 500, the demand for the index remains weak. Bulls need to take control of $4,304 if they want to stop the bear market. From this level, they can push the price to $4,332. Bulls also should take control of $4,357, restoring the market balance. If the index declines on the back of decreasing demand for risk appetite, bulls will have to protect $4,268. Breaking through this level, the trading instrument may return to $4,229 and $4,202.
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