Credit: Kateryna/Adobe Stock US Stocks Fluctuate as Traders Parse Jobs Data
After a volatile year that saw equities tumble with bonds on worries about inflation and higher interest rates, investors are seeking signs of cooling that will allow policymakers to slow the pace of rate hikes.
January 04, 2023 at 01:16 PM
2 minute read
U.S. futures advanced with stocks as positive reports from China and data from Europe boosted risk appetite. The dollar fell and Treasuries rose.
Contracts on the major U.S. gauges rose ahead of minutes from the Federal Reserve's policy meeting. Tesla Inc. gained in premarket trading, after Tuesday's slide, as investor Cathie Wood topped up her holding of shares in the electric-vehicle maker. Apple Inc. and Amazon.com Inc. were also higher. Salesforce Inc. advanced after announcing job cuts.
The Stoxx Europe 600 Index saw broad gains. Hong Kong shares rallied as China considered further support for property developers. Alibaba Group Holding Ltd. led premarket gains in U.S.-listed Chinese stocks after regulators approved a fundraising plan by Jack Ma's Ant Group Co.
After a volatile year that saw equities tumble with bonds on worries about inflation and higher interest rates, investors are seeking signs of cooling that will allow policymakers to slow the pace of rate hikes. A report Wednesday showed French inflation unexpectedly slowed, adding to signs of easing price pressure in the euro area.
"If you don't see a deep recession, you see a shallow recession, all that would be the recipe for markets to see a nice rally starting perhaps in the second half," said Vasu Menon, executive director, investment strategy for OCBC Bank Wealth Management, in an interview with Bloomberg Television. "There is a lot of liquidity on the sidelines waiting to get back into play, waiting for those macro cues."
Traders are also awaiting data on job openings later Wednesday, and the keenly watched nonfarm payrolls report on Friday. Treasuries rose further, after Tuesday's strongest start to a year since 2001.
Elsewhere, oil deepened a slump amid a deteriorating demand outlook.
Namitha Jagadeesh reports for Bloomberg News.
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