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US equity futures, dollar steady after tech drop: markets wrap


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Copper traded around $10 000 a ton and oil topped $66 a barrel.
By Andreea Papuc, Bloomberg
5 May 2021 
08:56 
Image: Behrouz Mehri/AFP/Getty Images
US equity futures edged up and Asian stocks were mixed Wednesday after markets dipped overnight on a technology selloff and Treasury Secretary Janet Yellen’s comments on interest rates. The dollar held gains.
S&P 500 contracts rose after a climb in the commodity, financial and industrial sectors helped the gauge pare losses. Nasdaq 100 futures steadied following a weaker close for the index amid declines in Apple Inc., Tesla Inc. and Amazon.com Inc. European futures advanced. Australian shares rose and Hong Kong dropped. A number of key Asian markets were shut for holidays. ....

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Fed's Mester: More progress needed in job market before forward guidance conditions met


Hibbing, MN, USA / 93.9 WTBX
May 5, 2021 11:19 AM
(Reuters) – The U.S. economy is recovering faster than many policy makers had expected, but a “broad-based recovery is taking more time to achieve” and more progress will be needed in the job market before the Federal Reserve’s conditions for reducing its extensive support will be met, the head of the Federal Reserve Bank of Cleveland said on Wednesday.
The unemployment rate could fall to 4.5% or less this year and gross domestic product growth is likely to be in the “6 to 7 percent range,” Cleveland Fed President Loretta Mester said in prepared remarks to the Boston Economic Club. ....

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