The S&P 500 and the technologically heavy Nasdaq 100 went up. Yields on bonds fell, with the 10-year yield hovering around 3.15%. The dollar fell after previous gains, while other safe-haven assets such as gold rose. The S&P 500 is poised for its worst first half since Richard Nixon’s presidency, as optimism fades that policymakers can make a soft landing as they follow an aggressive monetary tightening to curb inflation. Powell said on Wednesday that the central bank would continue to raise interest rates to reduce inflation, largely echoing comments from last week. He made no reference to the size of the future hikes during his deposition. “Such an aggressive tightening will make a smooth landing very difficult in engineering and these fears of a recession or at least significantly slower growth are affecting demand for shares,” said Fiona Cincotta, senior financial market analyst at City Index. Bad Vintage | The S&P 500 is set for its worst first half since 1970. The market continues to be skeptical about risky asset outlook. Deutsche Bank AG CEO Christian Sewing has joined a growing chorus of executives and politicians who warn that the global economy could be in recession as central banks step up efforts to curb inflation. West Texas Intermediate crude fell below US $ 103 a barrel, with prices falling alongside other commodities, including copper. Concerns about a broad-based economic slowdown are overshadowing the effects of the war in Ukraine and the signs of even limited supply. President Joe Biden plans to call on Congress to introduce a fuel tax holiday to reduce rapid pump prices and ease consumer pressure. In Europe, stocks fell for the first day this week as miners and energy fell on commodity prices. What to watch this week:

Fed Chairman Jerome Powell’s semi-annual report to the Senate on Wednesday Powell deposition of the US House of Representatives, Thursday Initial US unemployment claims, Thursday PMI for the euro area, France, Germany, United Kingdom, Australia, Thursday ECB Financial Bulletin, Thursday The consumer sentiment of the University of Michigan, USA, Friday RBA’s Lowe speaks to the panel Friday

Some of the main movements in the markets:

inventories

The S&P 500 rose 0.2% at 10:20 a.m. New York time The Nasdaq 100 was up 0.7%. The Dow Jones Industrial Average has changed little The Stoxx Europe 600 fell 1.2%. The MSCI World Index rose 1.9%.

currency

The Bloomberg Dollar Spot Index fell 0.1%. The euro strengthened 0.2 percent to 1.0558 US The British pound fell 0.1% to 1.2264 US The Japanese yen rose 0.4% to 135.97 per dollar

Links

The yield on 10-year bonds fell by 11 basis points to 3.16 percent Germany’s 10-year yield fell 15 basis points to 1.62%. Britain’s 10-year yield fell 19 basis points to 2.47 percent

Goods

West Texas Intermediate crude fell 6.4% to $ 102.48 a barrel Gold futures rose 0.4% to $ 1,846 an ounce