MARKET US/Wall Street expected to hold premiums | news

MARKET US/Wall Street expected to hold premiums |  news

After the strong sell-off at the end of the week, Wall Street is likely to start trading at a premium on Monday. The futures on the S&P 500 gained 1.1 percent premarket. In view of the very volatile environment, however, it remains to be seen whether these can be maintained in the course of trading.

On Friday, significantly higher bond yields pushed the US stock exchanges back into the red after a recovery movement on Thursday. In view of the inflationary pressure, further interest rate hikes by the central banks are expected on the market, which is keeping fears of a recession high and unsettling the market.

On the economic side, the Empire State Manufacturing Index for October will be published before the start of trading.

The dollar weakened slightly on the foreign exchange market. The dollar index loses 0.4 percent. The British pound is somewhat firmer over the past few days after the loss of confidence in the political leadership. The pound is up 0.6 percent against the dollar. Britain’s new finance secretary, Jeremy Hunt, reversed most of Prime Minister Liz Truss’ policies over the weekend. Currency experts at MUFG believe gains may be limited. The pound has already erased all post-mini-budget losses, which should limit further upside as more government action is taken to restore market confidence in the UK bond market, analysts said.

Among the individual stocks, Goldman Sachs is up 0.6 percent premarket. According to informants, the financial institution wants to split its largest business areas into three divisions in one of the largest restructuring in the history of the bank.

Splunk is up 5.5 percent after The Wall Street Journal reported that activist investor Starboard Value owns a nearly 5 percent stake in the analytics and security software company and plans to press the company for action to raise its share price to increase.

Contact the author: maerkte.de@dowjones.com

DJG / DJN / err / once

(END) Dow Jones Newswires

October 17, 2022 06:10 PM

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