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U.S. equity indexes green: Nasdaq up ~1%
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Real estate leads S&P 500 sector gainers; energy sole
loser
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Euro STOXX 600 index advances ~1.2%
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Dollar, crude down; gold, bitcoin rise
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U.S. 10-Year Treasury yield falls to ~3.90%
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WALL STREET REBOUNDS AS INVESTORS SNAP UP BEATEN DOWN SHARES (0948 EST/1448 GMT) Wall Street’s main indexes are rebounding on Monday, after posting their worst weekly selloff so far this year last week, as investors are seeking out beaten down shares. The Nasdaq Composite is the best performing major index, rising around 1% on the day, while the S&P 500 and Dow Jones Industrial Average are each gaining by more than 0.5%. Stocks have been hurt by concerns about the impact of higher rates on expectations that the Federal Reserve will need to hike higher and hold rates in restrictive territory for longer in order to bring down inflation.
Data on Monday showing new orders for key U.S.-manufactured capital goods increased more than expected in January. Pending home sales data for January is also due at 1000 EST (1400 GMT). Benchmark 10-year Treasury yields eased from more than three-month highs of 3.978% reached earlier on Monday to 3.912%, likely helping risk sentiment improve. Here is Monday’s opening markets snapshot.
(Karen Brettell)
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S&P 500 INDEX: 50- and 200-DMA FLIRTATION (0900 EST/1400 GMT) The S&P 500 index slid 2.7% last week for its biggest weekly decline so far this year. With this, the benchmark index ended at 3,970.04 on Friday, flirting with some important support levels, including its 50- and 200-day moving averages:
The SPX ended below the support line from its October low as well as its 50-day moving average (DMA) on Friday. The 50-DMA will now present a hurdle at around 3,980 on Monday. The broken support line is resistance at around 4,005. Traders are also eyeing the February 10 low, at 4,060.79, as an important swing level. The index used its 200-DMA as support on Friday. This long-term moving average should reside around 3,940 on Monday. The broken resistance line from the January 2022 record high should be support at around 3,920 on Monday, and the January 19 low was at 3,885.54. Meanwhile, e-mini S&P 500 futures are suggesting an SPX bounce of more than 30 points at the open, so traders will be watching to see how the index acts and ends vs support and resistance for clues into what the next trend may be.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
