US futures and European stocks rally with cyclicals
US stocks enjoyed the strongest day since March yesterday
US futures on the , , and as well as European shares extended the reflation-led rally on Wednesday, as positive earnings reports overshadowed concerns of a slowdown in future economic growth due to the persistent coronavirus pandemic.
Treasury yields climbed for the second day, pushing the dollar rally further along to a multi-month high and a possible significant bullish pattern completion.
Global Financial Affairs
All four US futures were in the green, with the reflation trade leading the rally for the second day. Contracts on the Russell 2000—whose listed domestic firms would benefit from easing social restrictions—were up 0.8%, followed by futures on the Dow’s blue chip, value stocks, which were up more than 0.5%. At the shallow end of the profit-pool, the tech heavy-NASDAQ 100—whose components excel when people are restricted from direct contact—was up only 0.1%.
In Europe, the ...read more...