Shares rose after a tumultuous week in financial markets, helped somewhat by Federal Reserve Chairman Jerome Powell’s assurance that there would be no further aggressive rate hike following sharp inflation data over the past few days.
The S&P 500 bear market has risen after hitting territory – down 20% from its most recent record. But it is still heading for a sixth straight week of decline – its longest series of losses since June 2011. Tech stocks outperformed giants such as Apple Inc, Microsoft Corp and Amazon.com Inc. Meanwhile, Elon Musk’s takeover led to a chaotic bid for Twitter Inc., which initially stated that his bid was “on hold” and later stressed that he was “still committed” to the deal – except for the giant company following social media. Tesla Inc. The national debt has fallen.
Powell reiterated that the central bank could raise half of each of its next two meetings, while at the same time opening up the possibility that it could do more. In an interview with Markets Public Radio on Thursday, he made it clear that he was determined to fight inflation, but acknowledged that the Fed’s ability to prevent a recession would depend on factors beyond its control.
Expectations of a technology rally are rising after the S&P 500 fell nearly 18% from its all-time high in January. The potential area of support comes from the set of Fibonacci levels that will regain the rally of the US stock market benchmark from the 2020 Kovid Crash lows. The cluster is in the 3,790 to 3,825 zone, with a continuous interval at the bottom focusing on the 3,500 to 3,550 zone.
Some major trends in the market are:
- The S&P 500 was up 1.2% at 9:31 am in New York.
- The Nasdaq 100 is up 1.8%
- The Dow Jones Industrial Average rose 0.8%
- Stoxx Europe 600 rose 1.5%
- The MSCI World Index rose 1.2%
- The Bloomberg Dollar Spot Index has changed slightly
- The euro fell 0.2% to $ 1.0360. Come on
- Sterling fell 0.3% to $ 1.2169
- The yen fell 0.7% to 129.20 against the dollar
- 10-year Treasury yield rose 6 basis points to 2.90%.
- Germany’s 10-year bond yield rose 8 basis points to 0.92%.
- UK 10-year bond yield rose 6 basis points to 1.72%.
- West Texas Intermediate crude rose 2.8% to $ 109.10 a barrel.
- Gold futures fell 1.3% to $ 1,801.20 an ounce
– assisted by Sunil Jagtiani, John Wiljoen, Srinivasan Shivabalan, Vildana Hazrik, Isabelly Lee and Akshay Chinchalkar.