S&P 500 futures recovered from session lows but the recent summer stock surge was still looking fragile on Tuesday.
U.S. stock futures were struggling to rebound, leaving Wall Street in danger of a third consecutive day of losses, as higher bond yields and a rampant dollar reflected resurgent fears of Fed rate hikes.
What’s driving markets The recent summer stock surge was still looking fragile on Tuesday. After rallying more than 17% from its mid-June low on hopes the Federal Reserve may slow its tightening cycle, the S&P 500 has struggled to maintain its advance over the past several sessions. Ipek Ozkardeskaya, senior analyst at Swissquote Bank, noted that ahead of the Fed’s Jackson Hole symposium starting on Thursday, investors had become more wary that Chairman Jay Powell will seek to cement his hawkish stance.
Such moves, alongside rises in overnight and short-duration bond rates are also boosting the dollar index DXY , which is again flirting with 20-year highs. This was putting further pressure on stocks because it makes U.S. goods and services less competitive abroad and diminishes companies’ repatriated earnings.
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