S&P 500 poised to extend Friday’s late comeback, with futures up 0.2%
by Andre Janse van Vuuren and Levin Stamm
Technology stocks led gains in global equities as investors prepared for a week of key economic data amid rising expectations for a December US interest-rate cut.
The S&P 500 was poised to extend Friday’s late comeback, with futures up 0.2%. Contracts on the Nasdaq 100 climbed 0.4%. Alphabet Inc. led the Magnificent Seven in premarket trading, rising more than 2%. In Asia, Alibaba Group Holding Ltd. jumped 4.7% after a strong debut for its new AI app. European stocks also advanced.
Bitcoin fell again after a weekend rebound, signaling that sentiment remains cautious. The cryptocurrency is on track for its worst month since 2022 amid a broader slump in digital assets. Oil edged lower as traders weighed prospects for a potential Ukraine-Russia peace deal. The dollar and US Treasuries were little changed.
Markets got a lift on Friday after New York Fed President John Williams said a near-term rate cut remains a possibility. Optimism was also fueled by a report that US officials are holding early talks to let Nvidia Corp. sell its H200 chips to China. That capped a week of volatility on Wall Street amid worries over lofty valuations in the artificial intelligence sector.
Retail sales data will kick off a packed week, with September growth expected to have moderated as consumers remained squeezed by high prices and job worries. The report on Tuesday will come ahead of Thanksgiving and Black Friday, the year’s biggest retail event. Other date due in the coming days include the producer price index and durable goods orders.
“There are increasing signs that the economy remains sluggish, which will put additional emphasis on the retail sales release this week, although once more the data will be slightly historic,” said Richard Hunter, head of markets at Interactive Investor. “There will be some hopes that the recently guarded sentiment will at least temporarily be erased.”
Corporate News:
- BHP Group has walked away from a fresh takeover approach for Anglo American Plc, ending an unexpected and short-lived attempt by the world’s largest miner to thwart a planned tie-up between its smaller rival and Canada’s Teck Resources Ltd.
- Macquarie Asset Management offered to buy Qube Holdings Ltd. in a deal valuing the Australian logistics and shipping-containers company at A$11.6 billion ($7.5 billion).
- Samsung Biologics shares jumped as much as 51% after the South Korean firm began trading as one of the two companies formed from the split of its predecessor.
Some of the main moves in markets:
Stocks
- The Stoxx Europe 600 rose 0.3% as of 9:40 a.m. London time
- S&P 500 futures rose 0.2%
- Nasdaq 100 futures rose 0.4%
- Futures on the Dow Jones Industrial Average fell 0.2%
- The MSCI Asia Pacific Index rose 0.5%
- The MSCI Emerging Markets Index rose 0.5%
Currencies
- The Bloomberg Dollar Spot Index was little changed
- The euro rose 0.1% to $1.1529
- The Japanese yen fell 0.2% to 156.73 per dollar
- The offshore yuan was little changed at 7.1075 per dollar
- The British pound was little changed at $1.3091
Cryptocurrencies
- Bitcoin fell 2.2% to $86,044.64
- Ether fell 1.2% to $2,806.1
Bonds
- The yield on 10-year Treasuries declined one basis point to 4.05%
- Germany’s 10-year yield declined two basis points to 2.68%
- Britain’s 10-year yield declined two basis points to 4.53%
Commodities
- Brent crude fell 0.7% to $62.13 a barrel
- Spot gold rose 0.2% to $4,072.14 an ounce
This story was produced with the assistance of Bloomberg Automation.
Copyright Bloomberg News
