Wall Street is slowly recovering from previous week`s slump

Investors are breathing a sigh of relief after the torrid times during previous week. The S&P 500 futures rose 28 points or 1.08% to 2,647.25 as of 6:39 AM ET (11:54 GMT) while Dow futures increased 269 points or 1.10% to 24,436.0. Meanwhile tech heavy Nasdaq 100 futures was up 66 points or 1.03% to 6,484.0. European stocks too are joining a global rebound as buyers move in following last week’s sharp overall falls, but sustained selling of US Treasuries ahead of inflation data is leaving investors feeling cautious.

The Europe-wide Stoxx 600 is 1.1 per cent higher in opening trade, turning around from a tumble of 5 per cent over the past five sessions. That was the worst performance since the first week of 2016 that was marred by worries over China.

London’s FTSE 100 rose 1 per cent and Frankfurt’s Xetra Dax 30 was up 1.3 per cent. Demand for technology and financial stocks is helping drive the trend.

In Hong Kong the Hang Seng index was 0.7 per cent higher, while in China the CSI 300 rose 1.3 per cent.

Forex

The dollar index is 0.2 per cent lower at 90.240. The euro is 0.3 per cent stronger at $1.2267 and the yen strengthened by 0.2 per cent to ¥108.54 per dollar.

Commodities

Brent crude is up 1.1 per cent at $63.47 a barrel after falling 3.2 per cent on Friday to a two-month low. US benchmark West Texas Intermediate is 1.3 per cent higher at $59.98 after dropping below $60 a barrel for the first time since December on Friday on concerns over higher US production.

Sources:

https://www.investing.com/news/stock-market-news/stocks–wall-street-on-track-to-recover-from-last-weeks-slump-1230097

https://www.ft.com/content/a108e1fe-0dec-11e8-8eb7-42f857ea9f09

https://www.ft.com/content/167ba166-0f95-11e8-940e-08320fc2a277