Stocks Shoot Higher as Markets Anticipate Potential Rate Cuts

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Gold soars to record highs as investors anticipate Fed rate cuts, while global markets exhibit mixed reactions on the first trading day of the second quarter.

US futures extend their record-breaking meltup following the long weekend which was to be expected with hedge funds piling into shorts last week, hoping for a reversal, with most European markets still closed and Asian stocks closing lower. As of 730am, S&P futures were 0.3% higher, but trading near session lows; Nasdaq futures gained 0.4%. Bond yields are 1-3bp higher with the USD unchanged from its Friday close.

Venezuela likely won’t see the US fully reimpose energy sanctions as Washington fears doing so could drive gas prices higher during an election year one scenario under discussion would permit int’l buyers to continue purchasing Venezuelan oil, but not with US dollars. WaPo US PCE for Feb was largely inline with expectations. The headline number came in at 0.3% M/M vs. the Street 0.4% and 2.5% Y/Y vs. the Street 2.5% and vs. 2.4% in Jan.

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