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photo: Devdiscourse |
The Nasdaq futures, which are sensitive to changes in interest rates, rose by just under 1%, while the S&P 500 futures steadied after erasing earlier gains due to a sell-off in banking stocks. European stocks also saw a decline of almost 3%, but managed to recover slightly to trade about 1.7% lower.
The yield on US Treasury two-year bonds fell by 33 basis points to 4.26%, marking the largest three-day decline since the stock market crash of October 1987. The yield on 10-year bonds also dropped to a one-month low, and the US dollar continued to decline against major currencies. The yield on German two-year bonds plummeted by 38 basis points to 2.72%, setting a record for the largest two-day fall.
Monday's market movements followed a week of significant losses for risk assets, with the US stock benchmark experiencing its worst week since September. The Cboe Volatility Index, also known as the "fear gauge" of Wall Street, surged to its highest level this year, indicating increased anxiety. Additionally, there is heightened anticipation for this week's consumer price index report.
Carol Pepper of Pepper International spoke on Bloomberg Television, stating that the Federal Reserve needs to carefully assess additional risks, which could take some time. She hopes that this situation will provide the Fed with a compelling reason to pause, as their primary responsibility is to establish financial stability.
In other market news, oil prices fell while gold prices rose due to its reputation as a safe haven asset.
Here are the main market movements:
Stocks:
- As of 7:32 a.m. New York time, S&P 500 futures rose by 0.2%
- Nasdaq 100 futures rose by 0.9%
- Futures on the Dow Jones Industrial Average remained unchanged
- The Stoxx Europe 600 fell by 2%
- The MSCI World index fell by 0.4%
Currencies:
- The Bloomberg Dollar Spot Index fell by 0.4%
- The euro rose by 0.2% to $1.0668
- The British pound rose by 0.3% to $1.2065
- The Japanese yen rose by 1.3% to 133.34 per dollar
Cryptocurrencies:
- Bitcoin rose by 3% to $22,134.04
- Ether rose by 1.7% to $1,583.9
Bonds:
- The yield on 10-year Treasuries declined by 16 basis points to 3.54%
- Germany’s 10-year yield declined by 24 basis points to 2.27%
- Britain’s 10-year yield declined by 18 basis points to 3.46%
Commodities:
- West Texas Intermediate crude fell by 1.7% to $75.36 a barrel
- Gold futures rose by 1.2% to $1,889 an ounce.
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