World stocks were mixed Tuesday after a Wall Street rally driven by heavy buying of tech shares as investors bet the Federal Reserve will trim its rate hikes as it makes headway in tamping down inflation.
Germany's DAX edged 0.1% lower to 15,086.68 while the CAC 40 in Paris gained 0.2% to 7,024.63. Britain's FTSE 100 slipped 0.4% to 7,751.06. The futures for the S&P 500 and the Dow industrials were 0.1% lower.
Trading has been generally upbeat in Asia, though many regional markets were closed for the Lunar New Year. On Monday, the S&P 500 rose 1.2% and the Dow Jones Industrial Average rose 0.8%. The tech-heavy Nasdaq composite closed 2% higher, while small company stocks also rose, pushing the Russell 2000 index up 1.3%.
The Fed has already pulled its key overnight rate up to a range of 4.25% to 4.5% from virtually zero early last year, and traders are now betting on a nearly 99% probability that the Fed will raise rates by just a quarter point on Feb. 1, according to CME Group. This week, more than seven dozen companies in the S&P 500 will report their results for the last three months of 2022. That includes headliners like Microsoft, on Tuesday, and Tesla on Wednesday.
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