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9 Feb 2022

Stocks and U.S. Futures Soar as Bond Selloff Wanes

The Index Today

A halt on ongoing sovereign bond selloff contributed to a surge in stocks on Wednesday, offering markets some leeway in the face of looming monetary policy tightening.

A measure of Asia-Pacific shares revealed a two-week high by 1%, aided by Japan and Hong Kong’s technology stocks. Meanwhile, Chinese stocks also climbed, bolstered by state-sanctioned funds on Tuesday.

European and U.S. equity futures edged higher following the closure of S&P 500 after it finished near session highs.

Although the U.S. Treasury yields have mellowed since 2019’s highs, bond markets remain cautious in the wake of monetary policy tightening by the Federal Reserve. This comes ahead of the U.S. inflation data due Thursday which, investors anticipate, could lead to an even more aggressive tightening helmed by the Fed.

New York Life Investments’ Portfolio Strategist, Lauren Goodwin contended, “We’re still in an environment where a lot is going quite well for the economy.” She also said, “It’s still an all-cyclicals story from our perspective.”

©Photo: REUTERS/Brendan McDermid/File Photo

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