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6 Jun 2022

Investors Immersed into a Riskier Tech Market Stocks, Crude Oil at $120

The Index Today

Wall Street was seen to open higher on Monday, tracking gains were also seen in Asia and Europe as investors took expected interest rate hikes in the coming days for the month of June amid crude oil hitting $120 a barrel.

S&P 500 futures added 1% and Nasdaq futures 1.4%. The news helped Hong Kong's Hang Seng tech index close 4.6% higher. Stocks in Europe were firmer from the open, with the STOXX index of 600 companies up 0.9%.

The shift back into riskier assets came ahead of central bank meetings that investors hope will give clarity on whether inflation has peaked and how much growth could slow down, Reuters reported.

Michael Hewson, chief markets analyst at CMC Markets said, "There is still some doubt as to whether or not inflation has peaked."

"We are in a bit in a no-man's land at the moment with respect to peak inflation, and also China reopening and the possible tailwinds that might bring. Oil prices are still a headwind and so it's difficult to gain any direction," Hewson added.

The MSCI all country stock index gained 0.3%, its recent rebound from near bear-market territory still largely intact.

Brent was up 0.2% at $120.02 a barrel. U.S. crude rose 0.2% to $119.14 per barrel.
©Photo: REUTERS/Issei Kato/File Photo

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