U.S. stocks pare gain; Pound, gilts drop on BOE comment - BNN Bloomberg

European stocks surrendered most of their fourth day of gains. U.S. equity futures were still 1 per cent higher, after the S&P 500 closed above a key technical support level on Monday. Amazon.com Inc. and Microsoft Corp. led major technology and internet stocks higher in New York premarket trading on Tuesday.

The BOE's comment took some steam out of a recovery in risk assets spurred by positive company results, cheaper valuations that enticed buyers and after policy reversals soothed concerns about UK assets. With headwinds from inflation, risks to the economy and hawkish central banks continuing to confront markets, there's debate over how durable the gains will prove.

Bank of America Corp. said sentiment on stocks and global growth among fund managers it surveyed shows full capitulation, opening the way to an equities rally in 2023. The bank's monthly global fund manager survey “screams macro capitulation, investor capitulation, start of policy capitulation,” strategists led by Michael Hartnett wrote in a note on Tuesday. They expect stocks to bottom in the first half of next year after the Federal Reserve finally pivots away from raising interest rates.

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