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- When investors analyzed the status of the economy ahead of major payroll data on Friday, stocks recovered from Monday's fall and Treasuries sank.
- The S&P 500 and NASDAQ 100 gained, led by advances in mega-cap tech names, while the 10-Year yield spiked to 1.53%. Investors are anxiously awaiting the latest labor market data for a signal on the Fed’s next move.
- An ISM reading for the US services sector came in better than predicted on Tuesday, putting the Fed on track to announce a reduction in bond purchases.
- The S&P 500 surged back above its 100-day moving average, easing fears of a market downturn. A wall of anxiety has been erecting due to rising inflation, fading economic indications, a developing energy problem, and political wrangling in the US.
- The rise occurred after a gauge of the NASDAQ 100's relative strength sank to its lowest level since March.
- Rising inflation and government rates have driven a rotation out of peak-growth businesses trading at a premium, with the S&P 500 information technology sector down around 6% from its August high. Yet, as Europe faces a winter energy shortage, the energy sector is up 17% from its September low. On Tuesday, European natural gas contracts hit an all-time high of €114 per megawatt-hour, up from €15.49 in February. For the fourth day in a row, crude oil in New York has risen.
- The dollar gained ground after a three-day slide. Bitcoin's rise continued, topping the $50,000 level. but European and Hong Kong stocks soared, while Japanese stocks sank.
