US futures, stocks advance as rate-hike worries ease
- Date: 14-May-2022
- Source: The Gulf Time
- Sector:Financial Markets
- Country:Middle East
US futures, stocks advance as rate-hike worries ease
Stocks
Bloomberg
US futures and stocks rise on Friday after Federal Reserve Chair Jerome Powell pushed back against speculation of steeper interest-rate hikes. Risk sentiment was boosted by a rebound in cryptocurrencies.
Contracts on the S&P 500 gained 1% and those on the Nasdaq 100 climbed 1.6%. Twitter Inc shares plunged as much as 26% in New York premarket trading after Elon Musk tweeted that his deal for the social media company was temporarily on hold. Europe’s Stoxx 600 index rises 1.3% as the lowest valuations since the start of the pandemic drew buyers.
A dollar gauge dipped but remains on course for its longest streak of weekly gains since 2018. Treasuries gave back some of their recent rally, with yields rising across the curve. The yen retreated.
Powell reaffirmed the Fed is likely to raise rates by a half point at each of its next two meetings and isn’t “actively considering” a 75 basis-point move. Concerns that tightening monetary policy will spark an economic downturn continue to shadow markets and have tended to snuff out rebounds. China’s Covid lockdowns and Russia’s war in Ukraine have also roiled a range
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