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Stocks rise, U.S. futures edge higher before Powell - BNN Bloomberg

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Stocks advanced and U.S. equity futures inched higher ahead of commentary due later from Federal Reserve Chair Jerome Powell that may shape views on the central bank's rate path.

Energy shares led gains in Europe after oil major BP Plc boosted shareholder returns and reported record profit. Futures on the S&P 500 and Nasdaq 100 contracts were modestly higher, while those on the Dow were flat. Pinterest Inc. fell in premarket trading after posting weaker-than-forecast revenue.

The dollar steadied after weakening against all members of the Group of 10 earlier, while Treasuries clawed back some of the two-day rout that was sparked by traders ramping up bets on future Fed tightening. The recent moves have taken the shine off the best start to a year for cross-asset returns since 1987.

“I expect that Powell will drive home that point that they've done a lot and there'll be a tightening that is going to impact the economy later on this year,” Jack McIntyre, a portfolio manager at Brandywine Global Investment Management LLC, said on Bloomberg Television. The Adani group's stocks climbed, pausing a rout that exceeded US$100 billion, as the conglomerate's founders prepaid some debt and traders covered short positions.

 

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