Wall Street indices erase early losses
US equities pared early losses and trade higher as investors shook off disappointing guidance from technology bellwether Microsoft while weak ADP report suggested that FED may be less hawkish. Meanwhile several policymakers, including Fed Vice President Lael Brainard, said that taming inflation remains a top priority while noting that it is unlikely that the Fed would change its rate-hike path soon. Therefore one needs to remember that the situation regarding inflation and economic growth still remains uncertain and today's upward move may be short-lived. Tomorrow's US nonfarm payrolls may provide additional hints about the economy's health and the outlook for monetary policy.
Nasdaq (US100) rebounded again from the support zone at 12,550 points. If buyers will manage to uphold current momentum, resistance at 12880 points may be at risk. Break above could open the way towards the key resistance zone at 13,500 points. Source: xStation5
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