Stocks Tick Up as Retreat From Risky Assets Fades: Markets Wrap
(Bloomberg) — Stocks staged a cautious comeback as a global flight from risky assets eased, with Bitcoin halting its slide to support the shift in tone.
S&P 500 futures rose 0.2%, signaling the resumption of gains after Monday’s losses broke a rally that delivered the US benchmark’s best week since May. European and Asian stocks also posted small advances. Nasdaq 100 contracts climbed 0.3%. Bitcoin steadied after slumping more than 5%.
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Global bond markets firmed as solid demand at Japan’s final 10-year bond auction of the year helped calm trading amid heightened speculation over a Bank of Japan interest-rate hike. The dollar was little changed.
The moves follow a shaky start to what is typically a strong month for equities. Focus now turns to the Federal Reserve for clues on the US rate outlook at next week’s meeting, with markets seeing a cut as all but certain.
“For long-only investors like we are, I’d say in the absence of any major catalyst, it’s very much wait-and-see until the Fed meeting, while keeping an eye on US jobs and inflation data,” said Karen Georges, a fund manager at Ecofi Investissements in Paris.
Traders are searching for their next leg higher after a choppy November, when investors rotated into defensive sectors on concerns that lofty valuations could stall tech-driven gains. While global stocks remain near record highs, the riskiest corners of the market are no longer drawing buyers as they once did.
Much now hinges on the Fed’s decision at next week’s meeting. Disappointment would pose a risk for equities, though confidence in a cut remains high thanks to softer labor and inflation readings and dovish comments from officials.
“Dips continue to present attractive buying opportunities,” wrote Michael Brown, senior research strategist at Pepperstone. “The narrative behind that bull case remains an attractive one, with earnings growth solid, the underlying economy resilient, a calmer tone on trade continuing to prevail, and the monetary backdrop growing looser.”
Corporate News:
Warner Bros. Discovery Inc. was fielding a second round of bids on Monday, including a mostly cash offer from Netflix Inc., in an auction that could wrap up in the coming days or weeks, according to people familiar with the discussions. Bayer AG shares surged as much as 14%, hitting the highest level since January 2024, after the US Solicitor General urged the high court to consider the German company’s appeal targeting thousands of lawsuits blaming its Roundup weedkiller for causing cancer. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 rose 0.2% as of 10:42 a.m. London time S&P 500 futures rose 0.2% Nasdaq 100 futures rose 0.3% Futures on the Dow Jones Industrial Average rose 0.1% The MSCI Asia Pacific Index rose 0.2% The MSCI Emerging Markets Index rose 0.3% Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1603 The Japanese yen fell 0.4% to 156.03 per dollar The offshore yuan was little changed at 7.0674 per dollar The British pound fell 0.2% to $1.3187 Cryptocurrencies
Bitcoin rose 0.6% to $86,966.54 Ether rose 0.7% to $2,813.31 Bonds
The yield on 10-year Treasuries was little changed at 4.09% Germany’s 10-year yield was little changed at 2.76% Britain’s 10-year yield was little changed at 4.48% Commodities
Brent crude was little changed Spot gold fell 1% to $4,187.81 an ounce This story was produced with the assistance of Bloomberg Automation.
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