US equity futures have stabilized following a turbulent few days of global equity market activity. As of 8:00 am ET, S&P futures are up 0.1% and Nasdaq futures are flat. This comes ahead of key macro data releases, and after a global sell-off that saw China-facing luxury stocks such as LVMH among the biggest losers. Asian equities also saw most gains erased following declines in Hong Kong and Japan.
In premarket trading, Frontier Communications fell 9.9% after agreeing to be purchased by Verizon Communications. Tesla gained 3% on plans to launch its Full Self Driving technology in China and Europe in the first quarter of next year, pending regulatory approvals. The software company C3.ai saw its shares tumble 19% to a new 2024 low after reporting weaker than expected 1Q subscription revenue.
Traders will be looking to weekly jobless claims data due later today and Friday’s nonfarm payrolls reports to assess whether the US economy is heading for a soft-landing as the Fed prepares to start easing policy. Global stocks suffered their worst losses earlier this week since the Aug. 5 meltdown, with VIX remaining elevated at 20.
The yield on 2-year Treasuries rose 2bps after tumbling Wednesday on data showing a slowdown in the US labor market and leading to the first 2s10s yield curve disinversion in 27 months. This morning the 2s10s flirted with the unchanged level, and was last 0.4bps.
European stocks fell to their lowest in around two weeks as global growth concerns continue to dampen investor sentiment ahead of the US jobs report on Friday. The Stoxx 600 was down 0.2%, led by losses in luxury stocks such as LVMH; consumer product, industrial and technology names also slumped.
Earlier in the session, Asian equities erased most gains after declines in Hong Kong and Japan even as key chipmaker shares rebounded from a Wednesday selloff sparked by concerns the artificial intelligence rally is overheating.
#Bottom Line
The global market has seen a lot of volatility recently, with US equity futures stabilizing after a turbulent few days. The key macro data releases are expected to give a clearer picture of the state of the economy, and traders are keeping a close eye on the weekly jobless claims data and Friday’s nonfarm payrolls reports. The recent global sell-off and the slowdown in the US labor market have raised concerns about the state of the global economy. With the yield on 2-year Treasuries rising and European stocks falling to their lowest in around two weeks, it's clear that global growth concerns are affecting investor sentiment.
What are your thoughts on these recent market trends? Do you think the US economy is heading for a soft-landing as the Fed prepares to start easing policy? Share this article with your friends and discuss. Don't forget to sign up for the Daily Briefing which is everyday at 6pm.
US equity futures have stabilized following a turbulent few days of global equity market activity. As of 8:00 am ET, S&P futures are up 0.1% and Nasdaq futures are flat. This comes ahead of key macro data releases, and after a global sell-off that saw China-facing luxury stocks such as LVMH among the biggest losers. Asian equities also saw most gains erased following declines in Hong Kong and Japan.
In premarket trading, Frontier Communications fell 9.9% after agreeing to be purchased by Verizon Communications. Tesla gained 3% on plans to launch its Full Self Driving technology in China and Europe in the first quarter of next year, pending regulatory approvals. The software company C3.ai saw its shares tumble 19% to a new 2024 low after reporting weaker than expected 1Q subscription revenue.
Traders will be looking to weekly jobless claims data due later today and Friday’s nonfarm payrolls reports to assess whether the US economy is heading for a soft-landing as the Fed prepares to start easing policy. Global stocks suffered their worst losses earlier this week since the Aug. 5 meltdown, with VIX remaining elevated at 20.
The yield on 2-year Treasuries rose 2bps after tumbling Wednesday on data showing a slowdown in the US labor market and leading to the first 2s10s yield curve disinversion in 27 months. This morning the 2s10s flirted with the unchanged level, and was last 0.4bps.
European stocks fell to their lowest in around two weeks as global growth concerns continue to dampen investor sentiment ahead of the US jobs report on Friday. The Stoxx 600 was down 0.2%, led by losses in luxury stocks such as LVMH; consumer product, industrial and technology names also slumped.
Earlier in the session, Asian equities erased most gains after declines in Hong Kong and Japan even as key chipmaker shares rebounded from a Wednesday selloff sparked by concerns the artificial intelligence rally is overheating.
#Bottom Line
The global market has seen a lot of volatility recently, with US equity futures stabilizing after a turbulent few days. The key macro data releases are expected to give a clearer picture of the state of the economy, and traders are keeping a close eye on the weekly jobless claims data and Friday’s nonfarm payrolls reports. The recent global sell-off and the slowdown in the US labor market have raised concerns about the state of the global economy. With the yield on 2-year Treasuries rising and European stocks falling to their lowest in around two weeks, it's clear that global growth concerns are affecting investor sentiment.
What are your thoughts on these recent market trends? Do you think the US economy is heading for a soft-landing as the Fed prepares to start easing policy? Share this article with your friends and discuss. Don't forget to sign up for the Daily Briefing which is everyday at 6pm.
