(Bloomberg) — US stocks futures gained and gold soared to an all-time high as last week’s slowing inflation data reinforced hopes that the Federal Reserve will cut interest rates this year.
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S&P 500 contracts added 0.4%, while markets in Europe, Australia and Hong Kong were shut for the Easter holiday. Nvidia Corp., Advanced Micro Devices Inc. and Microsoft Corp. advanced in pre-market trading, pointing to a strong open in tech stocks. Gold topped $2,265 ounce on Monday, up 1.6% from Thursday’s close, while an index of the dollar inched lower. Bitcoin slipped below $70,000.
A cooldown in the Fed’s preferred gauge of underlying inflation last month, coupled with a rebound in household spending, suggests that the bullish narrative that propelled stocks to records this year remains intact. The so-called core personal consumption expenditures price index, which strips out the volatile food and energy…
