Techs Lead U.S. Equity Rebound After Jobs Report: Markets Wrap
This content was published on May 20, 2021 - 18:57
May 20, 2021 - 18:57
(Bloomberg) Technology companies led a rebound in U.S. equities on Thursday after a report showing applications for state unemployment insurance fell last week to a fresh pandemic low rekindled optimism in the economic recovery.
The Nasdaq 100 Index jumped to a two-week high, with gains in megacaps including Apple Inc., Microsoft Corp. and Tesla Corp. powering the advance. Tech stocks rose the most in the S&P 500 as 10 of the main 11 industry groups moved higher. Ford Motor Co. rose for the first time in three sessions on plans to create a joint venture to manufacture electric-vehicle batteries in the U.S. European equities rebounded from a two-week low as carmakers and financial-services firms led gains.
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by Tyler Durden
Thursday, May 20, 2021 - 08:00 AM
While a far cry from yesterday s morning rout, global stocks struggled for traction on Thursday after a jittery session on Wall Street where cryptocurrencies crashed and a hint of tapering talk from the U.S. Federal Reserve drove selling in the bond market and lifted the safe-haven dollar.
S&P futures dropped overnight for the 4th straight session after minutes from Fed’s meeting last month showed some officials were open to a debate at “upcoming meetings” on scaling back bond purchases if the U.S. economy continued to progress rapidly, while the ongoing rout in cryptos has not helped sentiment, and just like cryptos futures rebounded from their worst levels (yes, we once again live in a bizarro cojoined world where moves in cryptos move the broader market).