US equities were broadly higher on Thursday, aided as PBoC easing boosted global markets and amid dip-buying.
The Nasdaq 100 index on Wednesday closed more than 10% below its November record highs, confirming a correction.US equities are trading broadly higher this Thursday, asin the region track gains seen in Europe and, before that, Asia markets are the PBoC on Thursday took further steps to ease monetary policy. The Chinese central bank cut its one-year loan prime rate to 3.7% from 3.8% and its five-year loan prime rate to 4.6% from 4.65%. As a result, the S&P 500 currently trades around 0.
Looking across the S&P 500 GICS sectors, the gains are broad, with the big tech-dominated Information Technology and Communications Services sectors up 0.8% apiece, Financials up 1.0%, Health Care up 0.8% and Industrials up 0.6%. The Nasdaq 100 index is up about 0.8% having bounced from yesterday’s closing levels just above 15K back towards the 15.2K area. Much was made of the fact that the index closed slightly more than 10% below its November record highs above 16.7K.
More clarity from the Fed on their potential rate hike timeline in 2022 will be needed if the Nasdaq 100 is to have a run at recuperating recent losses. Elsewhere, the Dow gained about 0.5% and the CBOE S&P 500 index or VIX stabilised below the annual highs it printed on Wednesday at 24.00, dropping back marginally under 23.00.