After bleak January, world stocks start new month adrift

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US indexes waver before ending the session higher on Tuesday, February 1, with the Dow Jones Industrial Average rising 0.78%, the S&P 500 gaining 0.69%, and the Nasdaq Composite adding 0.75%.

WASHINGTON, USA – Global equity markets wavered on Tuesday, February 1, as a new month saw investors weigh strong earnings from big-name US companies against mixed economic data and inflation worries.

But US indexes wavered before ending the session higher, with the Dow Jones Industrial Average rising 0.78%, the S&P 500 gaining 0.69%, and the tech-heavy Nasdaq Composite adding 0.75%.policymakers appeared to confirm on Monday, January 31, that interest rates would rise in March, but spoke cautiously about what might follow.

“Investors are digesting the price action from last month. There was a broad repricing of stocks and bonds as investors took note of the Fed’s hawkish pivot to raising rates more quickly from allowing the economy to run hot and leaving rates at close to zero,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.

“The equity market sell-off is overdone in our view, and we reiterate our call to buy the dip, particularly in cyclicals and small caps,” JPMorgan analysts said in a note.Oil prices steadied as geopolitical tensions and tight global supplies supported the market even as some speculated that the, together known as OPEC+, might boost supplies more than expected.

Money markets price in two 10 basis point rates hikes by the European Central Bank by year-end, with a chance of a third move.

 

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