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What’s driving the market?

U.S. stock index futures were rising a day after the Fed pledged to keep its bond-buying program and ultralow interest-rate regime in place to support the economy and financial markets for now.

However, Fed Chair Jerome Powell said plans to taper the central bank’s bond- buying program could be announced in November, and officials also penciled in an interest-rate increase in 2022. Still, the Fed didn’t upset the market’s apple cart, said observers.

Read: Hawks rule the roost at Fed, economists say

“A repeat of the taper tantrum, which hurt both equities and fixed income in 2013, is unlikely because the Fed has been so clear about how slowly it is removing support,” said Scott Ruesterholz, a portfolio manager at Insight Investment, which has over $1 trillion in assets under management.   

“While the Fed tailwind for markets is diminishing, it remains a tailwind. Combined with the significant excess liquidity in the financial system, that should continue to provide strong technical support for fixed income and markets,” said Ruesterholz, in emailed comments.

Markets will get a big batch of U.S. data Thursday, including weekly jobless claims at 8:30 a.m. Eastern Time, the flash September IHS Markit manufacturing and services purchasing managers indexes at 9:45 a.m. Eastern and Conference Board leading economic indicators for August.

The White House on Thursday will host a virtual meeting to discuss the global computer chip shortage, with the CEO of Intel Corp.  joining executives from Apple Inc. Microsoft Corp. Ford Motor Co.  and others, Reuters reported Wednesday.

Investors are keeping close watch on China Evergrande the property giant whose indebtedness sparked a global equity meltdown earlier this week. Shares rose 17% in Hong Kong as that market reopened after a holiday.

Investors are waiting to hear if Evergrande will make an $83.5 million coupon payment due Thursday on its U.S. dollar bonds. Markets welcomed news on Wednesday that its property business would make an interest payment on an onshore bond. 

The Wall Street Journal reported Thursday that Beijing remained reluctant to bail out the developer, tasking local governments with preventing unrest and mitigating the ripple effect on home buyers and the broader economy.

Meanwhile, global investors were cheered as the People’s Bank of China injected another 110 billion yuan, or $17 billion, into the financial system on Thursday, according to news reports, after a large injection on Wednesday.

Beijing regulators issued instructions to Evergrande on Thursday, telling it to focus on repaying investors, completing unfinished properties and avoiding a near-term default on dollar bonds, Bloomberg Law reported.

Property investment firm Chinese Estates said Thursday it would sell its entire stake in China Evergrande, amid concerns over market volatility and the financial stability of the heavily indebted group.

Source : https://www.msn.com/en-us/money/markets/u-s-stock-futures-climb-after-fed-signals-support-may-start-to-ease/ar-AAOJwy4

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