Analyst
Major US indices halted their decline on Monday, with tech stocks rising sharply. The gains in tech were lead by Nvidia (NVDA), rallying over 8% in anticipation of its upcoming earnings report due tomorrow and a series of positive ratings from investment banks. Stocks in Europe witnessed gains following a rally led by tech giants, mirroring Wall Street's rebound attempt. Major US indices are now trading flat in pre-market trading.
A resurgence in Chinese shares, especially in the tech sector, propelled Asian market sentiments. Key mainland indexes bounced back from previous oversold conditions, pushing the Asian stock metric up by 1%.
Simultaneously, Europe's Stoxx 600 witnessed tech shares leading the charge, with miners benefiting from iron ore's fourth consecutive day of gains.
Bond yields are in the spotlight with the U.S. 10-year Treasury note yield spiking to its highest since November 2007 at 4.34%, emphasizing the inverse relationship with stock prices. Much focus will be on Federal Reserve Chair Jerome Powell's upcoming speech (on Friday) for insights into the future trajectory of US interest rates.
On the currency front, the USD saw some selling on improved market sentiment. China's offshore CNY found stability after the People’s Bank of China set a record-high fixing for the currency, showing resilience against CNY bears.
Investor focus will be on the upcoming preliminary US August PMI data (on Wednesday) and Powell's speech at Jackson Hole for clearer insights on future rate decisions. Historical data suggests that speeches at this conference usually uplift stocks, but last year's assembly witnessed a 3.2% drop in equities post-Powell's comments, hinting at stringent policies to combat inflation.
Since the economic calendar is very quiet today and also no key earnings reports are pending, the current positive market sentiment is likely to continue for another day, especially because Asian markets closed the day with gains.
Oil prices exhibit an upward trend. Gold was able to temporarily move above the $1900 mark.
Key events today:
US Existing Home Sales - 14:00 UTC+0
US API Crude Oil Stock Change - 20:30 UTC+0
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