Bonds & Stocks
Stocks rose as robust earnings from Palantir Technologies Inc. drove a rally in technology shares and precious metals bounced back. S&P 500 futures gained 0.2% after the benchmark closed near a record high. Palantir surged 11% in premarket trading on a stronger-than expected sales outlook. In a slate of earnings due Tuesday, Advanced Micro Devices Inc. will be among the most closely watched.
Economy
Federal Reserve Governor Stephen Miran said the absence of strong price pressures in the economy means interest rates, which he described as restrictive, need to be lowered again this year. Miran dissented against the Fed’s decision last week to hold rates steady, in favor of a quarter percentage point cut. Late last year, when the Fed enacted a series of quarter-point cuts, Miran voted against those decisions in favor of larger, half-point cuts.
World
Australia’s central bank raised its key interest rate Tuesday, the first major monetary authority to hike this year, after judging inflation pressures were persistent enough to warrant renewed restraint. The Reserve Bank’s board increased its cash rate to 3.85% from 3.6% in a unanimous decision.