Global markets were rattled last week as uncertainty over the US economy’s health rippled across assets.
Wall Street ’s benchmark indexes jumped on Monday, rebounding from a week of heavy losses as investors remained optimistic about a soft landing scenario for the US economy ahead of a crucial inflation report later in the week.
Most megacap and growth stocks rose after falling sharply last week, with Tesla and Nvidia adding more than 3% each.Major chip stocks, which also saw heavy selling last week, regained some ground with the Philadelphia Semiconductor Index up 1.8% after tumbling more than 4% on Friday. Ronald Temple, chief market strategist at Lazard said that while the inflation battle is not fully won, “it appears safe to say that the Fed should feel comfortable that inflation is sufficiently under control to begin moving monetary policy in a less restrictive direction.”
Debate between Democrat Kamala Harris and Republican Donald Trump on Tuesday – the first time ahead of the presidential election on Nov. 5 – will be closely eyed by the investors.
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