- Stocks extended gains in risk assets across the board, propelled by forecasts of slower rate hikes and China's reopening of trade. Oil rose while the currency fell.
- After the S&P 500 and Nasdaq 100 increased by more than 2% on Friday, wall Street equities futures indicated that gains would continue. Bed Bath & Beyond Inc. jumped in New York premarket trade after losing nearly half its value the week prior due to bankruptcy concerns. The Stoxx 600 index of Europe increased, with mining and energy shares among those driving the increase on hopes for increased raw material demand from China.
- Chinese stocks helped the MSCI emerging markets index rise more than 20% from its October low after the country changed its covid strategy and provided more economic policy support. The index is now poised to enter a bull market.
- The institute for supply management's services index is in contraction territory, and wage growth is slowing. So, traders anticipate the federal reserve will scale back rate increases, contributing to the dollar's decline on Friday. The yield on the standard 10-year Treasury note increased.
