Japan Stocks Poised for Rebound; US Futures Rise: Markets Wrap

-- Japan equities are set to regain some ground after suffering the biggest hit in Monday’s global rout, which wiped out billions across markets from New York to London. US equity futures climbed in early trading.Futures show the Nikkei 225 gaining more than 6% when it reopens Tuesday, following a 12% slump that was the worst one-day decline in yen terms.

The Bank of Japan’s monetary policy tightening last week has triggered a wave of criticism after it helped set off a historic plunge in Japanese stocks and contributed to global market turmoil — likely putting any plans for further interest-rate hikes on ice. “This is very reminiscent, so far, of 1987,” Yardeni said on Bloomberg Television. “We had a crash in the stock market — that basically all occurred in one day — and the implication was that we were in, or about to fall into, recession. And that didn’t happen at all. It had really more to do with the internals of the market.”

Notably, over the past 40 years, the S&P 500 has averaged a maximum intra-year pullback of 14%. Despite this, stocks have still shown an average return of 13% and risen in 33 out of 40 of those years, or 83% of the time, Lerner said. As the selloff in global stocks intensified Monday, JPMorgan Chase & Co.’s trading desk said the rotation out of the technology sector might be “mostly done” and the market is “getting close” to a tactical opportunity to buy the dip.

Nvidia Corp.’s upcoming artificial intelligence chips will be delayed due to design flaws, The Information reported, citing two unidentified people who help produce the chip and its server hardware.

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