World markets steadied on Tuesday as investors looked beyond Joe Biden’s exit from the U.S. presidential race, turning their focus to corporate earnings and economic data.
The pan-European STOXX index was up 0.1% while U.S. futures were down 0.2% following a 1.1% rise in the S&P 500 on Monday. Investors will now focus on whether the polls show a closer race against Trump than when Biden was the Democratic candidate, Brown said. That tracked a broader rebound in chipmaking shares recovering some of the $100 billion in market value that was wiped off Taiwan’s TSMC, the world’s largest contract chipmaker, over the previous few sessions.
The tech sector is projected to increase year-over-year earnings by 17%, while profit for the communication services sector is seen rising about 22%, according to LSEG IBES, but richly valued stocks are also prone to disappointment. Having moved higher on Monday, benchmark 10-year Treasury yields inched two basis points lower to 4.24% and two-year yields, sensitive to interest rate expectations, were down 2 bp to 4.51%.
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