S&P 500 futures turned lower after earlier rising about 0.3 per cent. Contracts on the tech-heavy Nasdaq 100 steadied as chipmakers rallied in premarket trading, with Nvidia Corp. up more than 2.5 per cent on forecast-topping quarterly sales. Cisco Systems Inc. jumped four per cent on a bullish revenue forecast, lifting rivals Advanced Micro Devices, Inc. and Intel Corp.
“We are cognizant that each time global markets attempt to rally on the back of speculation that the end of the Fed's tightening intentions may be in sight, FOMC officials come out with a new paragraph of hawkish narrative, to tamp down any prospect of irrational exuberance,” Simon Ballard, chief economist at First Abu Dhabi Bank, wrote in a note to investors. With inflation only starting to ease after hitting decades-high level, and a gauge of U.S.
Goldman Sachs Group Inc. upped its forecast for peak U.S. interest rates to 5.25 per cent at the top of the range, up from the previous call 5 per cent. “The overall macro outlook for the U.S. economy is one of fragile strength and this scenario continues to favor a modest easing – and then plateauing – of the pace of incremental tightening,” Ballard wrote.
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