Technology shares led a rebound in U.S. equity futures and stocks on Wednesday as focus turned to positive earnings and signs of economic recovery from the pandemic.
Contracts on the Nasdaq 100 outperformed after tumbling on Tuesday, getting a slight boost from data showing U.S. private employers added the most jobs in seven months. Equity investors appeared to shrug off inflation fears that had spooked markets a day earlier, even as fresh evidence of rising prices emerged. A gauge of commodities hit a decade high as copper rallied back above $10,000 a ton and oil topped $66 a barrel.
Positive earnings results in Europe helped boost the Stoxx 600 Index, with shares of Hugo Boss AG climbing after first quarter sales beat analyst estimates, while Novo Nordisk A/S gained after the drugmaker raised its profit and sales forecasts for the year. The dollar and Treasuries were steady.
Stocks are regaining their footing after Treasury Secretary Janet Yellen rattled markets on Tuesday with comments that interest rates may have to rise moderately to keep the economy from overheating, though she later softened the remark. Coupled with stock valuations near the highest in two decades, it was enough to deliver the worst day for the Nasdaq 100 since March, even as the Federal Reserve has assured markets that interest rates will remain at current lows throughout the recovery.
