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Home›Creeping inflation›US stocks open higher as bargain hunting emerges after weaker economic data

US stocks open higher as bargain hunting emerges after weaker economic data

By Mabel Underwood
June 24, 2022
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9:35 am: Stocks rise after volatile week

U.S. stocks opened higher on Friday amid weaker economic data and comments from Fed Chairman Jerome Powell reaffirming the central bank’s commitment to fighting inflation during his two-day testimony to Congress this week. encouraged bargain hunters to strike.

Just after opening, the Dow Jones Industrial Average had gained 282 points to 30,960 points.

The S&P 500 had added 37 points to 3,832 points and the Nasdaq Composite was up 120 points to 11,352 points.

OANDA Senior Market Analyst Craig Erlam noted that this week was not last week’s blockbuster. “Policymakers reaffirmed their positions, offering nothing new of note that will change the game in the markets,” he said.

“We remain where we were a week ago, central banks are mostly determined to get inflation under control, even if that means tipping their economies into recession. size to come during the summer.

He added that commodities had not been immune to recent waves in financial markets on the prospect of a recession.

“Oil prices have undergone a fairly large correction over the past two weeks as traders adjust to heightened recession risks, one of the few things that could partially address the market imbalance,” he said. he declares.

“Very little has changed with respect to gold. It remains constrained, although interestingly it was not lifted this week by falling yields.”

6:30 a.m.: Friday entertainment

U.S. stocks were expected to open higher on Friday as weaker economic data from the world’s largest economy helped investors scale back some of their more aggressive inflation expectations.

The wave of stock market declines over the past few weeks is also bringing out bargain hunters and looking set to consolidate major indices as another week of volatile trading draws to a close.

Futures on the Dow Jones Industrial Average rose 0.8% in premarket trading, while those on the broader S&P 500 index rose 0.7% and contracts on the Nasdaq-100 increased by 0.9%.

“US and European futures are trading higher as the bargain hunt is on,” said Naeem Aslam, chief market analyst at avatrade.com.

“The Nasdaq index, which has been dragging markets down over the past few months and quarters, has found some love among investors and traders, and it’s the Nasdaq index that has actually pulled U.S. markets from its negative territory to a positive one,” he added.

Some sectors have really taken a hit in recent weeks and are ripe for bargain hunters.

“There is no doubt that the whole tech sector is more oversold, and there are bargains and traders are finding it hard to resist, especially when stocks like Meta and Netflix are down more than 70% from their recent highs,” Aslam noted.

Recently published economic data is below expectations. While many investors still believe that the United States will slide into a recession in the coming months, some sections of the market are now hoping that weaker economic data could mean that inflation could also start to subside.

“In terms of economic numbers, we saw the US manufacturing PMI numbers fall off a cliff yesterday. It has become even clearer that economic growth is slowing, and it’s only a matter of time before we have ahead of us are recession readings,” Aslam said.

In energy markets, WTI crude oil futures rose 1.2% to $105.51 a barrel and Brent crude oil futures gained 1.1% to $111.26 .

Contact the author at [email protected]

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