Markets today: Tech storms back after rout with earnings in focus

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Stocks rebounded after their worst week since April as investors looked beyond Joe Biden ending his re-election campaign to focus on the start of the tech earnings season.

BNN Bloomberg's Jon Erlichman looks at how North American markets are shaping up for the trading day.

Sky-high valuations and seasonal weakness have incited some pullback warnings, with traders also facing political uncertainties. Yet the market reaction to Biden’s decision to quit the race and endorse Kamala Harris has so far been fairly muted, with the U.S. dollar little changed and Treasuries marginally higher.

Treasury 10-year yields slid two basis points to 4.22 per cent. Investors will also be focused this week on U.S. economy readings, especially the U.S. Federal Reserve’s preferred inflation gauge for clues on whether the central bank will be able to slash rates in September. Hedge funds aggressively cut risk across their long and short books and at the fastest pace since January 2021, according to a note by Goldman Sachs Group Inc.’s prime brokerage desk. The move came amid last week’s market rotation into small caps and increased volatility.

 

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