Futures, Global Stocks Rise As Dollar Rout Accelerates

US equity futures rose for the 3rd day in 4 and world stocks pushed higher on Tuesday while the dollar tumbled to three-month lows as  optimism that economic reopening will boost growth outweighed concern about a pick-up in virus cases in parts of Asia even if it leads to higher prices. Oil gained and 10Y yields dropped marginally.

At 7:30 a.m. ET, Dow e-minis were up 77 points, or 0.22%, S&P 500 e-minis were up 9 points, or 0.3%, and Nasdaq 100 e-minis were up 73 points, or 0.55%. Retailers Walmart and Macy’s jumped in premarket trading after raising their full-year guidance, while Home Depot gained as its results beat estimates. Commodity and automotive shares boosted the Stoxx Europe 600 Index, while Asian equities also climbed.

Nasdaq 100 contracts led U.S. futures higher after dovish remarks on Monday from Fed Vice-Chair Richard Clarida, who pointed to the weak April jobs report as proof of slack in the economy, and from other Fed policymakers helped to reassure markets that U.S. monetary policy will remain easy. The comments came ahead of Wednesday’s release of the minutes from the Fed’s policy meeting last month, which will be closely watched for any indications about where monetary policy is headed this year.


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