US Stock Futures Rise on Powell Rate-Cut Reassurance

Bloomberg2024-04-04

Stocks rose and Treasury yields pulled away from four-month highs after Federal Reserve chief Jerome Powell reaffirmed the central bank is on track to cut interest rate cuts this year.Europe’s Stoxx ...

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Nomadr
2024-04-04
Nomadr
Cryptos UP = Inflation UP. Simple.... Plus now oil, gold, cocoa many comodities are UP.... the PIG is ready for the KILL...

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That view has knocked 10-year Treasury yields off the highs touched this week while Bloomberg’s dollar index extended its slide, following its biggest one-day fall in nearly four weeks.“I think Powell wants to get the process started in terms of the cutting cycle,” said Jamie Niven, senior portfolio manager at Candriam. “We’ve seen some strong data in the last few days, but I don’t think it’s absurd for them to cut from quite restricted territory.”Jitters remain, however, as a blowout reading for March private payrolls hinted at the possibility of a similarly strong number for the monthly non-farm payrolls print on Friday. Swap markets still price less than three rate cuts for 2024, and see only a 56% chance of the easing cycle starting in June.Optimism was also tempered by Atlanta President Raphael Bostic forecasting only one rate cut this year, which would be in the fourth quarter. A raft of other rate-setters, including the Richmond Fed’s Thomas Barkin and Cleveland Fed President Loretta Mester, are due to speak later on Thursday.Euro-area bond yields, meanwhile, slid on expectations the European Central Bank will kick off policy easing on June 6 and cut rates three more times by year-end.Inflation fears are also being fanned by strength in commodity prices, with Brent oil futures approaching five-month highs after OPEC+ confirmed plans to continue tightening crude supply. Copper rose to a 14-month peak and gold is trading near record highs above $2,300 per ounce.Mining shares led European equity gains, with copper miners Rio Tinto Plc and Antofagasta Plc rising sharply. Among other movers, Volvo Car AB jumped as much as 6% after reporting a 25% jump in vehicle sales.In New York premarket trading, chipmakers such as Micron Technology Inc. and Advanced Micro Devices Inc. advanced, as analysts see limited impact on the semiconductor market from Taiwan’s recent earthquake. Taiwan Semiconductor Manufacturing Co., which supplies chips to Apple Inc. and Nvidia Corp., said there was “no damage to critical tools.”Key events this week:Eurozone S&P Global Services PMI, PPI, ThursdayUS initial jobless claims, Challenger job cuts, ThursdayFed’s Loretta Mester, Alberto Musalem, Thomas Barkin, Patrick Harker, Austan Goolsbee speak, ThursdayEuropean Central Bank publishes account of March rate decision, ThursdayEurozone retail sales, FridayUS unemployment, nonfarm payrolls, FridayFed’s Michelle Bowman, Thomas Barkin and Lorie Logan speak, FridayStocksThe Stoxx Europe 600 was little changed as of 11:09 a.m. London timeS&P 500 futures rose 0.3%Nasdaq 100 futures rose 0.4%Futures on the Dow Jones Industrial Average rose 0.3%The MSCI Asia Pacific Index rose 0.7%The MSCI Emerging Markets Index rose 0.5%CurrenciesThe Bloomberg Dollar Spot Index fell 0.1%The euro rose 0.2% to $1.0857The Japanese yen was little changed at 151.72 per dollarThe offshore yuan was little changed at 7.2474 per dollarThe British pound was little changed at $1.2662CryptocurrenciesBitcoin rose 0.6% to $66,163.63Ether rose 0.7% to $3,331.48BondsThe yield on 10-year Treasuries advanced one basis point to 4.36%Germany’s 10-year yield declined two basis points to 2.38%Britain’s 10-year yield declined three basis points to 4.03%CommoditiesBrent crude was little changedSpot gold fell 0.2% to $2,294.62 an ounce","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[{"id":291668431859832,"gmtCreate":1712234029244,"gmtModify":1712234623079,"author":{"id":"3567256937368628","authorId":"3567256937368628","name":"Nomadr","avatar":"https://static.tigerbbs.com/87ffa292cf6c6bac6572beb240597005","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3567256937368628","authorIdStr":"3567256937368628"},"htmlText":"Cryptos UP = Inflation UP. 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