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Global stocks rally on U.S. rate-cut hopes, bond yields rise

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Wall Street posts biggest one-day gain in five months after Fed Chair Powell's remarks open door to possible rate cut

NEW YORK - Global stock indexes rallied on Tuesday and U.S. stocks registered their biggest one-day gains in five months as Federal Reserve Chairman Jerome Powell seemed to open the door to the possibility of a rate cut, while yields on U.S. Treasuries rose.

His remarks followed St. Louis Fed President James Bullard’s comments late on Monday that a rate cut “may be warranted soon.” The United States’ trade dispute with China and other countries has been escalating in recent weeks, increasing market uncertainty and driving down stocks in May. The last time the benchmark S&P index showed a bigger daily percentage gain was on Jan. 4, when Powell turned more dovish after a late 2018 sell-off, with a promise that the Fed would be patient and flexible in its interest rate path.

“The bond market had had a pretty impressive run over the past two weeks, and as bonds started going lower, you started to see more money flowing into stocks,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

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A rate cut is unconscionable. JayPowell is a Weenie. Or maybe he's 'just' morally bankrupt, like Trump.

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