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Stocks Rise With Retail Data in Focus Before Fed: Markets Wrap

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Most Asian stocks were poised for declines early Tuesday following a mixed session on Wall Street where traders boosted bets the Federal Reserve will this week deliver a half-point rate cut.

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S&P 500 contracts signaled a seventh consecutive day of gains, while the Nasdaq 100 was poised to rebound after Monday’s slump in tech megacaps. Microsoft Corp. rose in premarket trading after boosting its dividend 10% and unveiling a $60 billion stock-buyback program. Intel Corp. rallied 8.3% after the chipmaker won new business from Amazon.com Inc.Retail and banking stocks led an advance in Europe’s Stoxx 600 index. The dollar and Treasury yields were steady.

“August’s US retail sales report is, arguably, the most important of today’s releases, given that a soft print would likely see participants go ‘all-in’ on the idea of a jumbo 50 basis point Fed cut tomorrow,” wrote Michael Brown, a strategist at Pepperstone Group Ltd., in a note. “Though it’s tough to imagine an equally aggressive paring of dovish bets were the data to beat expectations.”

For Jacques Henry, head of cross-asset research at Silex in Geneva, such a large reduction is “a double-edged sword,” as it could suggest the Fed is worried the US economy is slowing faster than expected.

 

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