Stocks gained as a quiet economic calendar stateside fueled a rally in risk assets. European sentiment was upbeat as rumors circulated about a potential 50 basis point rate hike from the ECB.
Back stateside, equities pushed higher as tech shares outperformed. All eyes will be shifting to corporate earnings prior to the Fed meeting at the end of the month, with Netflix set to kick off the proceedings for tech on Tuesday. Equities bounced back from a significant late session decline on Monday, after reports surfaced that Apple may look to slow hiring in some key business areas.
S&P 500 futures have fully retraced Monday’s pullback, where bullish momentum had stalled around 3900. The break of 3900 ushered in a test of the 3920 zone, which has stalled the advance for now. If ES can take out the monthly high, bulls may look to test the late June swing high around 3950. Earnings will have a massive part to play in whether ES can explore higher prices, with somewhat lackluster bank earnings failing to sink the index.
Should flows resume and the European Central Bank regain some credibility in the fight against inflation, European shares may continue to trade higher. Relief from soaring energy and food prices will offer hope that any pending recession may not be as bad as once feared. Just this morning, it was revealed that Russia and Ukraine may be nearing a deal to allow for safe passage of grains out of the war torn country.
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