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Futures gain, stocks extend rally as dollar dips: markets wrap

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Stocks extended a rally Wednesday amid a retreat in the dollar and speculation that the worst of this year’s equity rout may be over. Moneyweb Stocks Markets

Stocks extended a rally Wednesday amid a retreat in the dollar and speculation that the worst of this year’s equity rout may be over. Technology shares fueled a climb of about 1.5% in a gauge of Asian equities after the S&P 500’s biggest jump since June. European futures pushed higher and US contracts were in the green too, encouraged by a Netflix Inc. surge in extended trading on a smaller-than-expected subscriber loss.

Speculation that company earnings will hold up and that the Federal Reserve will avoid very aggressive monetary tightening is giving investors some hope. Worries about a global downturn due to rising interest rates, Europe’s energy challenges and China’s Covid and property-sector woes are taking a back seat. “Stocks have been beaten down,” Kristina Hooper, chief global market strategist at Invesco, wrote in a note.

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