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Futures

Asian Stocks, Bond Futures Rise on Bessent's US Treasury Pick

2024-11-25

Investors greeted the appointment of fund manager Scott Bessent as the next U.S. Treasury secretary with enthusiasm on Monday. This move was seen as a potential boon for markets, as Bessent was expected to advocate for their interests in Washington. Benchmark 10-year Treasury futures saw a rise of 13 ticks, ahead of the cash open, while S&P 500 futures gained 0.4% and neared a record high. The dollar weakened across the board, with the euro seeing a 0.5% increase to $1.0484.

Market Reactions and Expectations

Strategist Stephen Spratt from Societe Generale described the market view of Bessent as a "safe hands" candidate, which provided relief as the risk of a more unorthodox pick was priced out of markets. Australia's share market touched a new high, and futures pointed to a stronger open in Japan and a weaker start in Hong Kong. However, the week's trade was likely to be affected by Thursday's Thanksgiving holiday.In bond markets, President-elect Donald Trump's appointment of a Treasury secretary has been closely watched. Expectations of tax cuts, tariffs, and an immigration crackdown have raised fears of inflation and large deficits. Bessent had previously stated that he would recommend "tariffs be layered in gradually" in a CNBC interview before his selection. He has also advocated for the U.S. to grow its way out of large debts in a Bloomberg interview and for tax reform and deregulation in the Wall Street Journal to spur bank lending and energy production. Bessent spent his career working for billionaire investor George Soros and noted short seller Jim Chanos and also ran his own hedge fund.The yen appreciated about 0.4% to 154.15 per dollar. The Aussie dollar bounced 0.6% to $0.6541, and the kiwi, which had slid to a one-year low on Friday due to increased bets on a dovish central bank, rebounded 0.5% to $0.5862. The Reserve Bank of New Zealand is set to meet on Wednesday, with a 50 bp rate cut fully priced and markets suggesting about a 1/3 chance of a super-sized 75 bp cut.

US stock futures on Wednesday morning show a mixed trend. The Nasdaq Composite and S&P 500 managed to reach record highs in the previous session. This indicates a positive momentum in the market. Treasury yields are dipping further as the highly anticipated October's Personal Consumption Expenditures (PCE) index is set to be released later in the morning. This economic data is likely to have a significant impact on the market. Dell Technologies and HP Inc. are facing a setback in pre-market trading as their earnings results suggest a slowdown in the PC market. It will be interesting to see how these companies respond to the changing market conditions. To gain more insights and analysis on the latest market action, one can check out more Morning Brief here. This post was written by Luke Carberry Mogan.

Uncover the Intricacies of US Stock Futures and Market Trends

Nasdaq Composite and S&P 500's Record Highs

The Nasdaq Composite and S&P 500 reaching record highs yesterday is a significant event. It shows the strength and resilience of these major indices. This upward movement is likely to attract more investors and boost market confidence. It also indicates that the overall economic conditions are favorable. However, it is important to note that market trends can be unpredictable and volatile. Investors need to stay vigilant and keep a close eye on the market movements.There are several factors that contribute to the rise of these indices. One of the main factors is the strong performance of technology companies. Technology stocks have been driving the market growth in recent years. Another factor is the favorable economic policies and low-interest rates. These factors have created a favorable environment for the stock market to thrive.

Treasury Yields and PCE Index

The dip in Treasury yields ahead of the October's PCE index release is a crucial development. The PCE index is a key measure of inflation and consumer spending. Any significant changes in this index can have a ripple effect on the stock market and the economy as a whole. Investors are closely watching this index to get a better understanding of the economic conditions.Treasury yields play a vital role in the financial market. They affect the cost of borrowing and the returns on investments. A decline in Treasury yields can lead to increased borrowing and investment activities. However, it can also pose challenges for banks and other financial institutions that rely on interest income.

Dell Technologies and HP Inc.'s Pre-Market Slump

Dell Technologies and HP Inc. sliding in pre-market trading is a cause for concern. Their earnings results indicating a slowdown in the PC market highlight the challenges faced by the technology sector. The PC market has been facing intense competition and changing consumer preferences. These companies need to adapt to these changes and come up with innovative strategies to stay competitive.The performance of Dell Technologies and HP Inc. is closely watched by investors and analysts. Their market share and financial performance can have a significant impact on the overall technology sector. These companies need to focus on improving their product offerings and customer service to regain market confidence.In conclusion, the US stock futures and market movements are complex and dynamic. Investors need to stay informed and make informed decisions based on a thorough understanding of the market conditions. The release of the PCE index and the performance of individual companies will play a crucial role in shaping the future of the stock market.

Kyle Bonagura, an esteemed ESPN staff writer, provides valuable updates on Utah football. In this article, we delve into the decisions and situations surrounding the program.

Unraveling the Future of Utah Football

Utah Coach Kyle Whittingham's Decision

At 65 years old, Utah coach Kyle Whittingham announced on Monday that he will decide after the season whether to continue leading the team for his 21st year. His decision will be based solely on what is best for the program, not on personal considerations. "My decision will be made on what’s best for the program, not what’s best for me," Whittingham said. "So, it’ll be completely determined on how I feel this program is best served going forward."This season started with Utah as the preseason favorite to win the Big 12. However, after winning their first four games, they have since lost seven straight and will conclude the season on Friday at UCF.

Defensive Coordinator Morgan Scalley's Role

During the summer, the school announced that defensive coordinator Morgan Scalley would succeed Whittingham whenever he decides to retire. "I’ll sit down and evaluate everything," Whittingham said. "I can tell you right now that Coach Scalley will be involved in decisions going forward because it’s only right that he does that because he’s the coach in waiting and when that time comes we need to make sure that he’s had input on big decisions. So it’ll be a team effort in that respect going forward as far as hiring and recruiting and that type of thing."

Quarterback Cam Rising's Situation

Utah should have news soon regarding the future of quarterback Cam Rising. He missed the 2023 season due to a major knee injury and was sidelined by an injury again early this season. Whittingham said last month that Rising could seek a medical waiver to play in 2025. "I have no inside scoop or anything right now as to what he’s thinking," Whittingham said. "Try to give him some space and let him sort things out and decide which direction he wants to go. That’s on Cam’s timeline and obviously we’ve got to at some point make our own decisions on what’s going to happen if there is still indecisiveness, but I think that should be cleared up in the next week to 10 days."