U.S. equity-index futures rose and a bond selloff stalled as some investors bet a period of disinflation has already begun and the midterm election results will be favorable to markets.
Contracts on the S&P 500 and Nasdaq 100 indexes added at least 0.4 per cent each after dropping earlier. Most Treasuries erased losses, leaving only the two-year yield higher on the day. The dollar gave up its gains and oil pared losses. Facebook parent Meta Platforms Inc. advanced in New York premarket trading on plans for job cuts.
The bout of optimism outweighs, for the moment, the Federal Reserve's resolute campaign against price surges, signs of stress in U.S. corporate performance and China's announcement it will “unswervingly” adhere to current COVID Zero policy. Oil fluctuated as traders fretted that China's Zero COVID policy will delay an economic recovery and undercut demand.
Meanwhile, Apple Inc. said it expected to produce at least three million fewer iPhone 14 handsets than originally anticipated this year, according to people familiar with its plans. Of the 430 companies in the S&P 500 that have reported quarterly earnings so far, almost a quarter have missed estimates.
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