U.S. equity futures rose and Asian stocks were steady Wednesday after markets dipped overnight on a technology selloff and Treasury Secretary Janet Yellens comments on interest rates. The dollar slipped.
SP 500 contracts advanced after gains in the commodity, financial and industrial sectors helped the benchmark index pare losses. Nasdaq 100 futures also rallied following a weaker close for the index that owed largely to declines in the likes of Apple Inc., Tesla Inc. and Amazon.com Inc. Australian shares rose and Hong Kong fluctuated. Markets in Japan, China and South Korea are shut for holidays.
Yellen said rates will likely rise as government spending ramps up and the economy responds with faster growth comments that economists regarded as selfevident. In a subsequent interview, the former Federal Reserve Chair said she wasnt predicting or recommending rate hikes.
Commodities rose to their highest levels in almost a decade as the rebound from the pandemic fuels demand. Copper climbed back above 10,000 a ton and oil traded above 66 a barrel. New Zealands dollar outperformed all its Groupof10 peers on a strong jobs report. Treasury futures were steady, with cash markets closed in Asia.
U.S. ADP employment change is due WednesdayChicago Fed President Charles Evans gives a virtual speech at an event hosted by Bard College on Wednesday. Cleveland Fed President Loretta Mester gives a virtual speech to the Boston Economic ClubBank of England rate decision ThursdayThe…