After a strong rally in U.S. equity and bond markets on Friday, the upward trajectory resumed on Monday. The S&P 500 gained 1.18% and the Dow added an impressive 400 points, ending the day 1.58% higher.
With the probability of a Fed hike in March currently standing at 83.1%, according to CME’s FedWatch Tool, investors may closely scrutinize the minutes for fresh insights on rate hike timings beyond Q1.
Gold has extended its losses from Friday after trading flat on Monday. The precious metal was trading around $1,337 at the time of this writing, so it was off nearly $25 or 1.8% from the high of $1,361 reached on Friday.
Asian equity markets continued to build on last week’s gains, after U.S. stocks capped their best week since 2013. Investor sentiment has gradually improved after fears of rising inflation sent most global indices into correction territory.