Stocks futures dropping after yesterday’s monster rally as optimism fades
U.S. equity futures dropped alongside European stocks on Tuesday as the risk-on mood that kicked-off the week faded. West Texas oil rose for a fourth straight session.
Treasuries and some European government bonds climbed, with peripheral yields falling the most on the recovery fund news. Sterling strengthened after the U.K. announced plans for 30 billion pounds in tariff cuts after Brexit. West Texas crude’s ascent kept it well above US$30 a barrel, though it came off highs touched in Asian trade.
“Short-lived bounces in stock prices even while markets establish new lows are not unheard of,” Ashwin Alankar, head of global asset allocation at Janus Henderson, said in a note. “Forward-looking metrics such as earnings revisions and options prices, on the other hand, sound a more cautious tone both for the economy and stock prices.”
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