Most Asian shares were set to follow Wall Street higher as traders prepare for the US election and key economic data that will set the stage for the next Federal Reserve decision. Japan stocks may tread water as traders assess the political outlook.
Paul Hickey, co-founder of Bespoke Investment Group, explains the markets regained strength as non-Mag 7 stock outperform mega caps.
“We expect that investors will need to see bigger revenue and earnings surprises for the group to outperform,” according to Chris Senyek at Wolfe Research. “Our sense is a solid earnings season could once again put the group on a path to outperform into year-end.” Treasury 10-year yields advanced two basis points to 4.30%. A $44 billion sale of seven-year notes was strong, following a pair of weak auctions earlier this week. Bitcoin rallied past $72,000 for the first time since April.Apple Inc.
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