The S&P 500 has touched an all-time intraday high in opening trades
U.S. stock indexes Thursday were set to extend gains to a fourth straight day near records as the Federal Reserve signaled that policy easing may be forthcoming to sustain the economy.
What’s driving the market? Fed Chairman Jerome Powell on Wednesday strongly implied that the central bank would cut benchmark interest rates, currently at a range of 2.25%-2.50%, in the coming weeks if the economic outlook buffeted by U.S.-China trade tensions doesn’t show signs of improvement. The Fed remained mostly optimistic about the outlook, but said inflationary pressures have receded, compelling it to lower its forecast for PCE inflation in 2019 to 1.5% from 1.8%, below its 2% target. At the same time, it left its gross domestic product estimate at 2.1%.
The BOE said rising tariff tensions are darkening the outlook for the global economy. Kuroda said “we’ll of course consider expanding stimulus without hesitation,” he told a news conference, according to Reuters. What are strategists saying? “The indices are set to open higher along with soaring gold and oil prices. Mounting geopolitical tensions continue to ignite a rush to safety while hopes of a rate cut dominate the equity markets,” Peter Cardillo, chief market economist at Spartan Capital Securities.
How are other assets trading? Before the U.S. markets opened Wednesday, Hong Kong’s Hang Seng Index HSI, +1.23% rose 1.2% and China’s Shanghai Composite Index SHCOMP, +2.38% rallied by 2.4%. Japan’s Nikkei 225 NIK, +0.60% meanwhile, closed up 0.6%, while in Europe, the Stoxx Europe 600 SXXP, +0.68% traded 0.6% higher.
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