U.S. equity futures rose, putting indices on track for a second day of gains led by tech companies, while bitcoin prices edged down after a volatile trading period.
Futures linked to the large S&P 500 index rose 0.3%, while blue-chip futures on the Dow Jones Industrial Average rose 0.2%. Futures on the Nasdaq-100 rose 0.5%, putting tech stocks on track to rise after the opening bell, a day after leading wider markets higher.
“The comments we have received from Fed speakers have told the market exactly what it wants to hear: that they are not concerned about the inflation data and that it has not changed their plan to be very careful, ”said Hugh Gimber, a strategist. at JP Morgan Asset Management.
Bitcoin prices edged down after several days of whipsaw trading for the cryptocurrency markets. Bitcoin fell 4.5% to $ 37,232 as of late Monday afternoon. Investors felt reassured in the recent episode that more traditional asset classes were not affected by volatile Bitcoin trading, Gimber said.
“With all the volatility we’ve experienced, it’s encouraging to see that larger markets are still focused on economic fundamentals,” he said.
Investors are awaiting data on the US real estate market, which is expected to be released at 10 a.m. ET. The data should show that sales of newly built homes cooled in April amid high prices and tight inventories. Economists expect the S&P CoreLogic Case-Shiller National House Price Index at 9 a.m. ET to show a double-digit annual increase for the fourth consecutive month.
U.S. consumer confidence data for May is also expected to be released at 10 a.m. ET.
Overseas, the Stoxx Europe 600 rose 0.4%, led by its technology sector which jumped 1.7%.
German real estate company Deutsche Wohnen jumped more than 15% after welcoming a takeover bid from counterpart Vonovia that would create Europe’s largest residential real estate group, with a combined market capitalization of around 45 billion euros, or about $ 55 billion. Vonovia shares fell more than 4%.
Swedish company Sinch rose more than 4% after the Softbank-backed software company said it raised more than $ 1 billion through a stock issue.
In China, the Shanghai Composite Index jumped 2.4%, its biggest one-day move since October, bringing it to its highest closing level in three months. Spirits giant Kweichow Moutai, mainland China’s most valuable stock, jumped 6%. The country’s currency rose 0.2% to 6.41 yuan per dollar, its highest level in three years.
Chinese officials have expressed concerns in recent days over rising prices for commodities such as iron ore and copper, which has helped allay investor concerns about inflation, said Steven Leung, executive director of institutional sales at UOB Kay Hian in Hong Kong.
Japan’s Nikkei 225 rose 0.7%, while in Hong Kong, the Hang Seng rose 1.8%.
Brent crude oil, the world’s benchmark for oil, fell 0.1% to $ 68.30 a barrel. Gold, a typical hedge against inflation, fell 0.1% to $ 1,883 per troy ounce.
Yields on US government bonds have fallen. The yield on the benchmark 10-year US Treasury note fell to 1.591% from 1.608% on Monday. Yields move inversely with prices.
Write to Will Horner à [email protected]
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