Futures Rebound As Hopes Of Imminent Recession Spark “Bad News Is Good News” Reversal

In a world where bad news is good news, and where the looming recession means an end to rate hikes and a start to easing, it didn’t take algos long to bid stocks up as treasury yields tumbled after comments by Jerome Powell and dismal PMI data in Europe justified fears that a global downturn is now just a matter of when, not if. After initially sliding more than 1% late on Wednesday, futures rebounded and recovered all losses and were last trading near Wednesday’s session highs, up 0.7% or 27 point to 3,790, while Nasdaq futs were up 0.9% at 11,375 as of 715am ET.

10Y yield initially dumped below 3.10% – near a two week low, after trading at 3.50% one week ago –  before bouncing modestly, while the Dollar pushed higher as the

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