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Tech & Growth Top Value as NASDAQ Nears Fed Highs

EQUITIES
  • Wall Street stock markets traded well Wednesday, extending late gains seen ahead of the Tuesday close as sentiment strengthened across Asia-Pac and European hours. Tech and growth names outperformed bluechips and value, putting the NASDAQ 100 on course to challenge the Feb highs at 15,196.
  • Despite gains for the e-mini S&P, volumes remained below average for a second session, again signaling the willingness of traders to sit on the sidelines ahead of Thursday's CPI release.
  • Real estate, materials and tech sectors drove gains in the S&P 500, with a re-flattening of the yield curve working in favour of housing names, while a fifth session of higher highs and higher lows for gold prices underpinned strength in mining names - most notably Freeport-McMoRan, which has now added near 25% off the January lows.
  • Across the continent, notable strength was seen across Italy's FTSE-MIB and Spain's IBEX-35, as a relief rally in European government bonds worked in favour of Italian-German and Spanish-German yield spreads.

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