- Stocks in the United States extended their greatest three-day run since 2020, as investors pushed up companies that benefit from a robust economy amid expectations that the Federal Reserve will not derail growth in its fight against inflation.
- The S&P 500 rose into the close of trade, powered by advances in energy companies and banks, while the tech-heavy Nasdaq 100 also rose. Treasury yields climbed, and the dollar fell.
- With the advances, the S&P 500 has now crossed the midway of last month's peak-to-trough dip, signaling that a full recovery may be beginning, according to some chartists.
- Earlier in the session, shares fought for direction as robust economic data revived concerns about the speed with which the Federal Reserve might shift to more restrictive policies. Data on job openings and manufacturing revealed a strong economy, which the Fed is attempting to calm after inflation reached its highest level in four decades. Bank officials, on the other hand, have signaled that they are cognizant of the possibility of stifling expansion.
- Volatility has surged across markets after Fed Chairman Powell predicted a more rapid tightening of monetary policy than many expected. Fed's Daly and George, on the other hand, have expressed concern about faster-than-necessary tightening.
- Meanwhile, corporate results are lending some support to equities, with Alphabet set to report after the markets close. Exxon Mobil reported its greatest earnings in eight years as a result of rigorous expense cutbacks. United Parcel Service, Inc. forecasted higher-than-expected annual sales. and UBS group increased its share repurchase programme following an earnings beat.