US equity futures are higher into Fed day, rebounding from Tuesday’s losses, with both tech and small caps outperforming, while European stocks inch higher having recovered from an earlier drop after Turkey assets and FX imploded following the latest political crackdown in the banana republic. As of 8:00am ET, S&P and Nasdaq futures are 0.3% higher with all Mag7 names higher premarket led by TSLA (+3%) after the electric-vehicle maker received California’s approval to start carrying passengers. NVDA rose +1% after CEO Jensen Huang promised a clearer payoff to customers. The shares had dropped 3.4% Tuesday. China ETF KWEB is outperforming QQQ pre-mkt on Tencent earnings. Financials are also catching a bid with bond yields flat and the USD is higher for the first time in 4 sessions, boosted in part by the 10% plunge in the Turkey lira, which is spilling over across EMs. Commodities are weaker as 3 complexes are under pressure; WTI is flat reversing an earlier loss on Ukraine energy-based de-escalation. Reuters is reporting that the US is suspending some multi-agency and multi-country efforts to counter Russian sabotage, potentially to help a deal move through. Today’s…
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