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Futures rise as investors scale back rate hike expectations

Saturday, June 25, 2022
Futures rise as investors scale back rate hike expectations © Reuters. FILE PHOTO: Traders work on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., May 20, 2022. REUTERS/Andrew Kelly/File Photo

(Reuters) - U.S. stock index futures rose on Friday as signs of slowing economic growth and falling commodity prices eased expectations over how high the Federal Reserve will raise interest rates to rein in inflation.

Fears that aggressive tightening by major central banks will cause a sharp economic downturn have roiled financial markets this month, pushing the benchmark S&P 500 to confirm a bear market or a 20% fall from its recent peak.

Data on Thursday showed U.S. business activity slowed considerably in June, driving investors to scale back bets on where interest rates may peak and bring forward their views on the timing of rate cuts.

Money markets see U.S. interest rates peaking at around 3.4% by next March, far below the just above 4% priced for June 2023 before last Wednesday's Fed meeting. FEDWATCH

Copper prices on Friday were set for their biggest weekly fall in a year and other industrial metals also tumbled, while crude oil was headed for a second straight weekly decline.

The Fed's commitment to reining in 40-year-high inflation is "unconditional," Chair Jerome Powell told lawmakers on Thursday, a day after saying it was not trying to provoke a recession but that was "certainly a possibility."

The main stock indexes looked set to notch their first weekly gain in four, with healthcare, real estate and utilities - among sectors considered as safer bets during times of economic uncertainty - outperforming so far in the week.

Megacap stocks such as Apple Inc (NASDAQ:AAPL) and Tesla (NASDAQ:TSLA) rose about 1% in premarket trading. Rising interest rates have hurt shares of the mega-cap growth companies as their valuations rely more heavily on future earnings.

At 06:58 a.m. ET, Dow e-minis were up 187 points, or 0.61%, S&P 500 e-minis were up 26.75 points, or 0.7%, and Nasdaq 100 e-minis were up 104.5 points, or 0.89%.

FedEx Corp (NYSE:FDX) rose 3.4% after the parcel delivery company issued a stronger-than-expected full-year profit forecast despite softening global demand for shipping.

Bank stocks were mixed after the Federal Reserve's annual "stress test" exercise showed that the lenders have enough capital to weather a severe economic downturn.

Citigroup Inc (NYSE:C) slipped 0.3%, while Bank of America Corp (NYSE:BAC) rose 0.3% and Morgan Stanley (NYSE:MS) 0.7%.

Zendesk (NYSE:ZEN) Inc soared 55.4% after reports said the software company was close to a deal with a group of buyout firms that includes Hellman & Friedman LLC and Permira.

The University of Michigan's survey on U.S. consumer sentiment in June and new home sales data will be published later in the day.

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03-07-2022 16:06:41 (UTC+7)

EUR/USD

1.0429

-0.0053 (-0.51%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (3)

Sell (4)

EUR/USD

1.0429

-0.0053 (-0.51%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (3)

Sell (4)

GBP/USD

1.2098

-0.0076 (-0.63%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (3)

USD/JPY

135.21

-0.52 (-0.39%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

AUD/USD

0.6816

-0.0085 (-1.23%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (5)

USD/CAD

1.2888

+0.0015 (+0.12%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (5)

Sell (4)

EUR/JPY

140.98

-1.29 (-0.91%)

Summary

Neutral

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (4)

Sell (3)

EUR/CHF

1.0007

-0.0002 (-0.02%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (6)

Gold Futures

1,812.90

+5.60 (+0.31%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Silver Futures

19.823

-0.529 (-2.60%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Copper Futures

3.6138

-0.0962 (-2.59%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (4)

Sell (3)

Crude Oil WTI Futures

108.46

+2.70 (+2.55%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (9)

Brent Oil Futures

111.48

+2.45 (+2.25%)

Summary

↑ Sell

Moving Avg:

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Indicators:

Buy (0)

Sell (9)

Natural Gas Futures

5.620

+0.196 (+3.61%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

US Coffee C Futures

223.95

-6.15 (-2.67%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

Euro Stoxx 50

3,448.31

-6.55 (-0.19%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (2)

S&P 500

3,825.33

+39.95 (+1.06%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

Buy (8)

Sell (1)

DAX

12,813.03

+29.26 (+0.23%)

Summary

Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (5)

Sell (2)

FTSE 100

7,168.65

-0.63 (-0.01%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

Buy (8)

Sell (1)

Hang Seng

21,859.79

-137.10 (-0.62%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (3)

US Small Cap 2000

1,727.76

+19.77 (+1.16%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

IBEX 35

8,176.10

+77.40 (+0.96%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

BASF SE NA O.N.

41.270

-0.255 (-0.61%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Bayer AG NA

57.35

+0.63 (+1.11%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

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Allianz SE VNA O.N.

182.00

-0.12 (-0.07%)

Summary

↑ Sell

Moving Avg:

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Sell (10)

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Buy (1)

Sell (7)

Adidas AG

167.64

-1.12 (-0.66%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Deutsche Lufthansa AG

5.566

+0.002 (+0.04%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

Siemens AG Class N

96.00

-1.09 (-1.12%)

Summary

↑ Buy

Moving Avg:

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Deutsche Bank AG

8.053

-0.265 (-3.19%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

Buy (9)

Sell (0)

 EUR/USD1.0429Neutral
 GBP/USD1.2098↑ Buy
 USD/JPY135.21↑ Sell
 AUD/USD0.6816↑ Sell
 USD/CAD1.2888Buy
 EUR/JPY140.98Neutral
 EUR/CHF1.0007↑ Sell
 Gold1,812.90↑ Buy
 Silver19.823↑ Buy
 Copper3.6138Neutral
 Crude Oil WTI108.46↑ Sell
 Brent Oil111.48↑ Sell
 Natural Gas5.620↑ Sell
 US Coffee C223.95↑ Sell
 Euro Stoxx 503,448.31↑ Buy
 S&P 5003,825.33↑ Buy
 DAX12,813.03Buy
 FTSE 1007,168.65↑ Buy
 Hang Seng21,859.79Sell
 Small Cap 20001,727.76↑ Buy
 IBEX 358,176.10↑ Buy
 BASF41.270↑ Buy
 Bayer57.35↑ Buy
 Allianz182.00↑ Sell
 Adidas167.64↑ Sell
 Lufthansa5.566↑ Sell
 Siemens AG96.00↑ Buy
 Deutsche Bank AG8.053↑ Buy
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SJC Eximbank6,800/ 6,860
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RON 95-V33.36034.020
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E5 RON 92-II30.89031.500
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GBP27.507,8628.656,57
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Cập nhật lúc 16:01:46 03/07/2022
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