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U.S. equity indexes rise: Nasdaq up ~0.8%
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Real estate leads S&P 500 sector gainers; staples weakest
group
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Euro STOXX 600 index up ~0.7%
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Dollar, crude down; gold up; bitcoin slides >4%
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U.S. 10-Year Treasury yield slides to ~3.98%
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U.S. STOCKS JUMP AS YIELDS FALL (0940 EST/1440 GMT) Wall Street is bouncing early on Friday as investors take solace in falling U.S. Treasury yields even as they remain wary of the impact of higher rates on growth. Benchmark 10-year yields are dropping to 3.98%, after reaching a four-month high of 4.091% on Thursday. “It’s encouraging price action for the asset class as a whole, if for no other reason than it suggests dip-buyers are holding the 4.0%-4.10% initial target for adding duration exposure,” Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets, said in a note. Comments from Federal Reserve Governor Christopher Waller and Atlanta Fed President Raphael Bostic on Thursday boosted sentiment as they questioned whether recent data showing inflation, jobs and spending all hotter than expected might be a "blip," and not definitively an indication that they need to hike rates faster or further. Investors are turning their attention to the February non-manufacturing PMI due at 1000 EST. Expectations call for 54.5 vs a prior reading of 55.2. Here is Friday's opening market snapshot:
(Karen Brettell)
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S&P 500 INDEX: MOVING AVERAGE COBWEB STILL STICKY (0900 EST/1400 GMT) Heading into Friday, the S&P 500 index is clinging to a gain of about 0.3% for the week. If strength holds into the close, the benchmark index can snap a three-week losing streak.
That said, the SPX continues to struggle to decisively pull away from, one way or the other, the range defined by its sticky 50- and 200- day moving averages:
For four out of the past five trading days, the S&P 500, which ended Thursday at 3,981.35, has closed inside the zone defined by its 50-day moving average (DMA), which should be resistance at around 3,985 on Friday, and its 200-DMA, which should be support around 3,940. Last Monday, the SPX managed to finish less than three points above the 50-DMA before quickly sinking to test the 200-DMA on Wednesday and Thursday.
The broken support line from the October trough is now resistance at around 4,028. The February 10 low, at 4,060.79, is seen as an important swing level.
The broken resistance line from the January 2022 record high should be support at around 3,905 on Friday, and the January 19 low was at 3,885.54. Meanwhile, e-mini S&P 500 futures are suggesting an SPX bounce of around 20 points at the open. Thus, traders will be watching to see if the index can build on this push, leading to a more forthright close above the 50-DMA.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
