U.S. stocks moved higher for a second day as investors contemplated the Fed’s dovish statement. The Dow was up 400 points in early trading.
Federal Reserve Chairman Jerome Powell stated Wednesday that the Fed is on track to scale back its bond purchases by the end of the year – however, he was not specific on his timing nor on the size of the taper and, also suggested the Fed will extend stimulus if the economy needs it.
Investors are interpreting that as a positive sign. They’re encouraged that the Fed will be there to continue lifting asset prices through eased liquidity.
Meanwhile, in China, shares of Evergrande shares jumped 30% in China as the company pledged to repay yuan-denominated debt. Foreign creditors might be out of luck.
U.S. Dollar and Treasuries
The yield on the 10-year Treasury rose three basis points. The dollar weakened against a basket of major currencies.
|U.S. Dollar Index (DXY):||93.21||-0.25||-0.27%|
|U.S. 1 Year Treasury Bill||0.080%||0.006||0.074%|
|U.S. 2 Year Treasury Note||0.247%||0.004||0.242%|
|U.S. 5 Year Treasury Note||0.880%||0.026||0.854%|
|U.S. 10 Year Treasury Note||1.338%||0.027||1.311%|
|U.S. 20 Year Treasury Bond||1.787%||0.024||1.762%|
|U.S. 30 Year Treasury Bond||1.835%||0.020||1.815%|
Stocks To Watch
Stocks of MEDIROM Healthcare, a Japanese-based wellness company, soared after the company announced its latest key performance indicators. The number of wellness salons, sales per customer and customers served were all up compared to the same period last year, signaling that the spread of the Delta variant is not deterring customers.
E-commerce company Digital Brands Group moved higher on retail investor interest.
Chinese after-school education company Four Seasons Education announced a board authorization to repurchase up to $15 million in stock.
Commodities To Watch
Oil rose on shortage in U.S. supply, as well as a weakening dollar. Gold was stable.
|WTI Crude Oil||$71.86||-0.51%|
|Brent Crude Oil||$75.07||-0.42%|
The global crypto market cap is $1.95T, a 4.92% increase over the last 24 hours. Bitcoin’s dominance is currently 42.11%, a decrease of 0.43% in the same period.
|Symbol||Price||Chg. %||Market Cap.|