(Bloomberg) — Stocks hit all-time highs in the run-up to the US jobs report, with investors betting some of the world’s major central banks will start slashing interest rates as soon as June.
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Those wagers emboldened equity bulls expecting lower borrowing costs will fuel corporate profits. While tech remained in the leadership position, an equal-weighted version of the S&P 500 — where the likes of Nvidia Corp. carry the same heft as Dollar Tree Inc. — hovered near a record. That gauge is less sensitive to gains from the largest companies — providing a glimpse of hope that the rally will broaden out.
Treasury two-year yields declined alongside the dollar after Jerome Powell said the Federal Reserve is “not far” from the level of confidence needed to ease monetary policy….
