Stocks Hold Gains With Jobs, Fed Speakers in Focus – Europe Market Wrap
Stocks took a respite after surging to all-time highs, with investors looking to Federal Reserve speakers and jobless claims data for additional hints on interest rate policy.
S&P 500 futures were barely changed, as Europe’s benchmark index dipped down. Treasuries and the currency made little changes. Meanwhile, copper prices rose for another day due to a short squeeze on the Comex market.
The meme-stock euphoria continues to fade, with GameStop and AMC falling more than 10% in pre-market trade. Chubb stock rose after Berkshire Hathaway announced a $6.7 billion investment in the insurance. Cisco Systems benefited from a better revenue estimate.
On the data front, stock-market bulls will be hoping that unemployment claims indicate labour market slack, allowing the Fed to loosen monetary policy. A number of central bank officials are scheduled to speak today as well. Investors anticipate two rate cuts this year, according to futures markets.
