Equities in Asia were primed for early gains Wednesday after a tech rally lifted Wall Street and bets on Federal Reserve rate cuts stabilized.
October 08, 2024 at 6:32PM EDT -- Wall Street traders gearing up for key inflation data sent stocks toward fresh all-time highs. Treasuries saw mild losses while the dollar headed toward its longest winning run in more than two years.
“We remain positive on the tech sector as well as the outlook for artificial intelligence,” and “against this backdrop, we believe volatility should be utilized to build long-term AI exposure,” she said. The consumer price index is seen rising 0.1% in September, its smallest gain in three months. Compared with a year earlier, the CPI probably rose 2.3%, the sixth-straight slowdown and the tamest since early 2021.
“There is optimism about inflation generally,” said Dennis DeBusschere, founder of 22V. “61% of investors believe that core CPI is on a Fed-friendly glide path. The percent expecting a recession, which rose in July, has fallen but the percent that believes financial conditions need to tighten has increased to the highest percent since June 2024.”
Large caps and growth shares have historically outperformed in the third year of a bull market, but they are currently overbought versus small-cap companies and value equities, Clissold noted. “No bear market, but it’s not the same bull market anymore,” Gross, the co-founder and former chief investment officer of Pimco, wrote.Tesla Inc. enjoyed its best-ever quarter for China shipments, as vehicles delivered from its Shanghai factory rose for a third consecutive month.
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