- The S&P increased 0.4% to 4297, while the Nasdaq was up 0.6% to 13128.05,?extending the winning streak from last week. The rally was wide spread with 9 out of the 11 sectors gaining during the day.
- The stock market has rallied on the?belief that the inflation has already peaked?and as a result the Fed would probably hike at a lower pace. Yields on 10-year US treasuries decreased to 2.79%, from 2.85%.
- The commodities market, however, saw a decline?with Brent crude plunging 3.1% to $95 a barrel, and copper declining a further 1.3%.
- China data was the key driver of commodity prices. Latest data from the Middle Kingdom showed that?factory output and consumer spending declined. There was a considerable slow down in the real estate markets as well. All this has prompted the Chinese?central bank to cut their 1-year and 7-day lending rates?by 10 basis points.
- US Jobless claims data would be out Thursday.?Non-US economic data for the week includes unemployment data from the UK, and GDP data for the Euro Area.
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