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Wall Street set for rebound as yields dip

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Wall Street is expected to open higher after US Treasury yields dipped again in the wake of comments from Federal Reserve chair Jerome Powell and ahead of another testimony from him later. There is also support from the rising oil price after the container ship blocked the Suez canal.

The Dow Jones Industrial Average is forecast to rise 138 points to 32,561, the S&P 500 is expected to open 15 points higher at 3925 and the Nasdaq Composite futures are showing a 100 point gain to 13,327.

Jim Reid at Deutsche Bank said: “Treasury Secretary Yellen and Fed Chair Powell appeared before the House of Representatives Financial Services Committee (on Tuesday) as part of the Congressional oversight of the pandemic response. Both officials are expected to appear before the Senate Banking Committee later on today in what is likely to be an encore performance. Chair Powell spoke to inflation worries saying that he and his colleagues do believe there will be upward pressure on prices, but “that the effect on inflation will be neither particularly large nor persistent.” He went on to cite that “we have been living in a world of strong disinflationary pressures – around the world really – for a quarter of a century…We don’t think a one-time surge in spending leading to temporary price increases would disrupt that.”

Bitcoin is in demand again after, what else, a tweet from Elon Musk.

Sophie Griffiths, market analyst at Oanda said: “Both Bitcoin and Tesla are likely to be in focus. The cryptocurrency has surged 5% after Tesla CEO announced that Tesla now accepts Bitcoin. Whilst details such as pricing policy are short on the ground, the announcement is still music to the ears of Bitcoin bulls.”

GameStop Corp (NYSE:GME) shares are around 13% lower in pre-market trading after its sales and income both fell short of forecasts, while US durable goods figures are due at 12.30pm GMT.

Four things to watch for on Wednesday:

  • The earnings diary on Wednesday will see appearances from Cheerios and Cocoa Puffs maker General Mills Inc (NYSE:GIS), home furnishings group RH Inc (NYSE:RH) and healthcare services group Signify Health Inc (NYSE:SGFY)
  • Banking giant Goldman Sachs may attract attention amid a growing revolt from its junior bankers over the firm’s long working hours
  • Commodities may also be eyed warily amid an ongoing blockage of the Suze canal by a container ship
  • On the macro data front, US durable goods orders are a key entry in the diary as well as flash PMIs and more testimony from Fed chair Jerome Powell

Story by ProactiveInvestors


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