Stocks are extending gains in the opening hour of trade in Europe with the Eurostoxx now up 1.2%, the DAX up 1.5%, and CAC 40 up 1.1% on the day. We're also seeing US futures run higher with S&P 500 futures now up 27 points, or 0.7%, currently:


This is a continuation of the post-Fed optimism from yesterday as we see Powell & co. cave in to the market's outlook on recent inflation developments. As long as the data continues to stay the course as it has been in recent months, it will vindicate the optimism in risk trades. That's the main takeaway for market participants at the moment.

From earlier: