Us Stock Futures Rise On Big Tech Gains Markets Fold

Most Read by Bloomberg Contracts for the S&P 500 fluctuated before turning green, while those for the Nasdaq 100 fell off session lows to trade little changed. Twitter Inc. gained as much as 2.1%, narrowing the gap with Elon Musk’s offer price ahead of a court-ordered Oct. 28 deadline for the deal. Tesla Inc. slipped more than 2% after price cuts across its range in China. “It’s clear that demand is slowing, but so far we’ve seen pockets of technology like software, cloud computing still be pretty resilient,” Laura Cooper, senior investment strategist at BlackRock International Ltd., told Bloomberg TV. “We’ll be watching for any signs of cracks that could affect some of those earnings expectations.” A gauge of dollar strength rose in choppy trade that saw wild swings in the yen amid signs of a second intervention by Japanese authorities in two sessions. British bonds rose after Boris Johnson dropped out of the race to lead the UK’s ruling Conservative Party, pushing former chancellor Rishi Sunak closer to becoming the next prime minister. The story continues The Stoxx Europe 600 rose more than 1%. Media, travel and leisure and utilities rose, while energy underperformed as oil fell amid worsening China sentiment. Prosus NV fell more than 13%. China’s yuan and shares fell in Hong Kong to their lowest level since the depths of the 2008 global financial crisis, even as data on economic growth beat estimates. The onshore yuan depreciated as much as 0.4 percent, while the Hang Seng China Enterprises Index, a gauge of Chinese shares listed in Hong Kong, plunged more than 5 percent as investors spooked by President Xi’s tightening grip Jinping in China’s ruling party. U.S.-listed Chinese stocks, including Alibaba Group Holding Ltd. to JD.com Inc., retreated in premarket trading. “Market sentiment could remain cautious in the near term on China due to concerns about a shift in focus towards more state control versus a market-driven approach under the new leadership team,” said Xiaojia Zhi, chief China economist at Credit Agricole CIB. “The path out of zero Covid is not yet clear.” Chinese economic data delayed last week and released on Monday showed a mixed recovery, with unemployment rising and retail sales weakening despite a pick-up in growth. However, Xi’s Covid-zero campaign looks likely to continue to weigh on the economy, and there has been speculation that the “shared prosperity” goal may even lead to property and inheritance taxes. Key events this week: Some of the main movements in the markets: inventories

S&P 500 futures were up 0.4% at 8:27 a.m. New York time Nasdaq 100 futures rose 0.1% Dow Jones Industrial Average futures rose 0.5% The Stoxx Europe 600 rose 1.4% The MSCI World Index was little changed

currency

The Bloomberg Dollar Spot index rose 0.5% The euro fell 0.3% to $0.9837 The British pound was little changed at $1.1300 The Japanese yen fell 1% to 149.12 per dollar

Cryptocurrencies

Bitcoin fell 0.6% to $19,375.81 Ether rose 1.3% to $1,347.81

Bindings

The 10-year bond yield fell two basis points to 4.20% Germany’s 10-year yield fell eight basis points to 2.33% Britain’s 10-year yield fell 20 basis points to 3.86%

Goods

West Texas Intermediate crude fell 2.2% to $83.16 a barrel Gold futures were down 0.2% at $1,652.30 an ounce