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U.S. stock futures rose on Tuesday, while Treasury yields fell and the dollar shed gains against global peers, as investors looked forward to another quiet session on Wall Street ahead of the key March inflation reading. tomorrow.
alphabet chips
Alphabet (GOOG) Shares rose in early trading after the Wall Street Journal reported that Google's parent company is launching an in-house chip, called Axion, to boost its ai ambitions.
Using technology and circuits from the British Arm Holdings (ARM) Google hopes Axion chips will reduce its dependence on Nvidia (NVDA) manufactured CPUs and accelerate the launch of customer-facing ai-powered products.
Google shares rose 1.23% in pre-market trading, indicating an opening price of $158.06 each.
<blockquote class="twitter-tweet”>
twitter.com/search?q=%24GOOGL&src=ctag&ref_src=twsrc%5Etfw”>$GOOGL
❖ ALPHABET SHARES UP 1.2% AFTER GOOGLE UNVEILS ARM-BASED DATA CENTER PROCESSOR AND NEW ai CHIP
— *Walter Bloomberg (@DeItaone) twitter.com/DeItaone/status/1777672960309854366?ref_src=twsrc%5Etfw”>April 9, 2024
stock market today
stocks have largely been in a holding pattern since last Friday's close, with investors focused on the March inflation report to challenge or solidify the Federal Reserve's baseline projection of around three interest rate cuts. of a quarter of a point between now and the end of the year.
Traders suggest a 46.3% chance that the first of those cuts will come at the Federal Reserve's June policy meeting, according to CME Group data, but remain divided on the Fed's likely actions. Federal during the second semester.
Meanwhile, a key survey of small business optimism by the National Federation of Independent Business showed sentiment at its lowest level in more than 11 years, with most owners citing concerns about inflation in the next months.
Benchmark 10-year Treasury yields were 2 basis points below last night's levels at 4.396%, while 2-year bonds held at 4.771%.
The US dollar index, which tracks the greenback's performance against a basket of six global currencies, was down 0.12% at 104.0.13 at the start of the New York session.
Stock markets are also key as the first-quarter earnings season begins, which unofficially begins Friday with updates from JP Morgan. (JPM) Citi group (c) and Wells Fargo (CFM) .
Analysts see S&P 500 collective earnings rising 5% from a year ago to a stock-weighted total of $457.4 billion. That figure is expected to improve to about $494.1 billion for the three months ending in June.
Aside from stocks, global metals prices rose again on Tuesday, with gold hitting a record high for the eighth consecutive session and trading at $2,365.09 an ounce.
Copper prices in Shanghai also hit a new all-time high of $10,500 per tonne, linked to both supply constraints and bets on a rebound in demand from China, while iron ore surpassed the $1,000 level. dollars per ton in overnight transactions.
Brent crude oil futures also traded above the $90 mark, rising 26 cents on the session to $90.64 a barrel. WTI futures for May delivery added 22 cents to trade at $86.65 a barrel, the highest level since late October.
Heading into the trading day on Wall Street, futures contracts linked to the S&P 500 suggest an opening gain of 6 points, while those linked to the Dow Jones Industrial Average indicate an increase of 17 points. The Nasdaq is 35 points higher.
In overseas markets, Europe's Stoxx 600 fell 0.2% in early trading in Frankfurt with investors focused on Thursday's interest rate decision from the European Central Bank. Britain's FTSE 100 gained 0.05% in London thanks to rising global commodity prices.
Overnight in Asia, Japan's Nikkei 225 rose 1.08% to close at 39,773.13 points after Bank of Japan Governor Kazuo Ueda told lawmakers his easy monetary policies would likely remain in place for most of the year.
Related: A veteran fund manager picks his favorite stocks for 2024
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