Stocks Rise as Investors Mull Oil Drop, Rate Fears: Markets Wrap!– OnMyWay Mobile App User News

US futures and European stocks climbed Thursday as investors assessed attractive valuations and a drop in oil prices against hawkish messages from central bankers on reining in inflation.

S&P 500 contracts climbed 0.5% and those on the Nasdaq 100 were 0.6% higher. Europe’s Stoxx 600 Index rose, with construction and consumer shares leading gains, while energy stocks were laggards. Trading volumes are lighter than usual, with UK markets shut for holidays to mark Queen Elizabeth II’s Platinum Jubilee. Among individual moves, Remy Cointreau SA gained after the spirits maker forecast solid sales growth.

Crude oil slid on a report that Saudi Arabia is ready to pump more oil if Russian output declines. OPEC+ is scheduled to meet to discuss supply policy.

US manufacturing activity and job openings data Wednesday fueled concern the Federal Reserve will need to get more restrictive to slow runaway price gains. Treasuries held losses, with 10-year yields above 2.90%. The dollar slipped while the yen held near 130 per dollar after its recent decline on the prospect of widening interest rate differentials with the US.

McMillion also cautioned that markets haven’t fully priced in the impact of the Fed’s balance-sheet reduction. “The impact of quantitative tightening starting to roll off the Fed’s balance sheet this month is really untested and unprecedented. Our guess is that it’s probably not fully priced into markets,” she said.

In US premarket trading, Chewy Inc. rallied after the online pet products retailer’s results topped analyst expectations. Hewlett Packard Enterprise Co. slid after the company cut its full-year profit forecast.

How will markets be affected by the Fed’s quantitative tightening? QT officially starts Wednesday and is the theme of this week’s MLIV Pulse survey. Click here to participate anonymously.

Here are some key events to watch this week:

Cleveland Fed President Loretta Mester discusses the economic outlook Thursday

US May employment report Friday

The UN’s Food and Agriculture Organization releases its monthly food price index at a time of maximum concern about global supplies on Friday

Some of the main moves in markets:

Stocks

The Stoxx Europe 600 rose 0.5% as of 10:35 a.m. London time

Futures on the S&P 500 rose 0.5%

Futures on the Nasdaq 100 rose 0.6%

Futures on the Dow Jones Industrial Average rose 0.4%

The MSCI Asia Pacific Index fell 0.7%

The MSCI Emerging Markets Index fell 0.7%

Currencies

The Bloomberg Dollar Spot Index fell 0.3%

The euro rose 0.3% to $1.0687

The Japanese yen rose 0.3% to 129.73 per dollar

The offshore yuan rose 0.3% to 6.6809 per dollar

The British pound rose 0.4% to $1.2542

Bonds

The yield on 10-year Treasuries was little changed at 2.91%

Germany’s 10-year yield advanced two basis points to 1.21%

Commodities

Brent crude fell 2.1% to $113.87 a barrel

Spot gold rose 0.4% to $1,854.20 an ounce

Most Read from Bloomberg Businessweek

China Youth Unemployment Crisis Leaves Tens of Millions Jobless

Seven Ways to Beat Burnout and Get Your Career Back on Track

For Finland, a Border With Russia Is Bad. But It’s Better Than No Border at All

Crypto Goes Shopping for a Regulator It Can Push Around

Tommy Hilfiger Comes Home With a Business Program at His Local College

OVERVIEW

OnMyWay Is The #1 Distracted Driving Mobile App In The Nation!

OnMyWay, based in Charleston, SC, The Only Mobile App That Pays its Users Not to Text and Drive.

The #1 cause of death among young adults ages 16-27 is Car Accidents, with the majority related to Distracted Driving.

OnMyWay’s mission is to reverse this epidemic through positive rewards. Users get paid for every mile they do not text and drive and can refer their friends to get compensated for them as well.

The money earned can then be used for Cash Cards, Gift Cards, Travel Deals and Much, Much More….

The company also makes it a point to let users know that OnMyWay does NOT sell users data and only tracks them for purposes of providing a better experience while using the app.

The OnMyWay app is free to download and is currently available on both the App Store for iPhones and Google Play for Android @ OnMyWay; Drive Safe, Get Paid.

Download App Now – https://r.onmyway.com

Sponsors and advertisers can contact the company directly through their website @ www.onmyway.com.

 

Icon

OnMyWay is the Only Texting and Driving Solution That Pays
Trusted and ❤ By Millions of OnMyWay Mobile App Users