Consumer-related stocks outperformed and banks retreated as the Stoxx Europe 600 Index edged higher. Contracts on the S&P 500 were little changed as were those on the tech-heavy Nasdaq 100, after the underlying gauge rose 0.9 per cent overnight, pushing further into a bull market. Digital World Acquisition Corp., the blank-check firm taking Donald Trump's media company public, rallied in premarket after he became the first former president to be indicted.
The dollar strengthened Friday, trimming some of its declines this month. Treasury yields steadied at the end of a quarter of wild swings. Investors have struggled to adjust for banking collapses and the shifting outlook for interest rates amid high inflation and threats to economic growth. The two-year yield was around 4.13 per cent Friday while the 10-year maturity was about 3.55 per cent.
On Thursday, Boston Fed President Susan Collins said tightening was needed, while Richmond Fed President Thomas Barkin said the Fed can raise rates more if inflation risks persist. A team led by Beata Manthey upgraded U.S. stocks to overweight from underweight on Friday as they “perform more defensively than other markets” during earnings recessions. They expect global earnings-per-share to contract five per cent in 2023 and say that analysts are likely to slash profit estimates even further.
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