US benchmarks flying higher at lunch as traders brush off inflation fears

12.10am: US stocks higher at lunch US benchmarks were higher at lunch as traders brushed aside inflation fears and basked in renewed optimism of an economic bounce-back. The Dow Jones Industrial Average zoomed up over 506 points at 33,796, while the S&P 500 added around 51 at 4,217. The tech-heavy Nasdaq gained almost 90 points at 14.120. "Fears over an increasingly hawkish Fed appear to have been eased today, with markets throughout Europe and the US on the rise," noted Joshua Mahony, senior market analyst at online trading firm IG. "Recent declines in the US 10-year yield highlighted growing fears that rampant inflation would soon result in a move to withdraw stimulus before the economic recovery had fully played out. "However, today has seen yields rise, with traders instead focusing on the economic resurgence that looks likely irrespective of whether we see a gradual tightening of conditions over the coming years," he added. In London, FTSE 100 closed up nearly 45 points, at 7,062. 9.45am: Proactive North America headlines: AIM ImmunoTech Inc (NYSEAMERICAN:AIM) completes Phase 1 clinical study of its flagship drug Ampligen CytoDyn Inc (OTCQB:CYDY) pleased with preliminary results from long-haulers coronavirus trial GlobeX Data Ltd (CSE:SWIS) (OTCQB:SWISF) (FRA:GDT) starts commercial launch of SekurMessenger with América Móvi's Telcel in Mexico BioLargo Inc (OTCQB:BLGO) says peer-reviewed scientific paper confirms safety of water treated by its Advanced Oxidation System Hillcrest Energy Technologies Ltd (CSE:HEAT) (OTCMKTS:HLRTF) (FRA:7HIA) secures Vancouver-based testing facility for electric vehicle-related product development Vicinity Motor Corp (CVE:VMC) (OTCQX:BUSXF) (FRA:6LG) sells three more clean-diesel buses to Le Group Transbus ME2C Environmental (OTCQB:MEEC) enlists Penn State to test rare earth capture and regeneration technology Great Bear Resources Ltd (CVE:GBR) (OTCQX:GTBAF) (FRA:0G6A) updates $45M exploration program at flagship Dixie project Tartisan Nickel Corp (CSE:TN) (OTCPINK:TTSRF) closes second tranche of its C$4.5M flow-through financing GR Silver Mining Ltd (CVE:GRSL) (OTCQB:GRLSF) (FRA:GPE) kicks off 14,000 metres drill program focused on untested silver- and gold-rich veins at the Plomosas project HempFusion Wellness Inc (TSE:CBD.U) (OTCQX:CBDHF) (FRA:8OO) promotes Maria Leal to interim chief financial officer FPX Nickel Corp (CVE:FPX) (OTCMKTS:FPOCF) (FRA:FP5) appoints industry veteran Andrew Osterloh as its new vice-president, projects Delta 9 Cannabis Inc (TSE:DN) (OTCQX:DLTNF)  launches ‘Joints for Jabs’ vaccination reward program Empower Clinics Inc (CSE:CBDT) (FRA:8EC) (OTCQB:EPWCF) partners with Pharmachoice to offer Kai Care COVID-19 testing solutions The Valens Company Inc (TSX:VLNS) (OTCQX:VLNCF) (FRA:7LV) completes Green Roads acquisition MegumaGold Corp (CSE:NSAU) (OTCMKTS:NSAUF) (FRA:2CM2) completes geochemical sampling at its Murchyville South option project in Nova Scotia NEO Battery Materials Ltd (CVE:NBM) (OTCPINK:NBMFF) reports success in integrating silicon into graphite-based anodes Tetra Bio-Pharma Inc (TSX:TBP) (OTCQB:TBPMF) (FRA:JAM1) says research finds new antiviral properties in its drug candidate ARDS-003 Mawson Gold Limited (TSE:MAW) (OTCPINK:MWSNF) (FRA:MXR) announces BATCircle2.0 funding to enhance battery metals recovery from its Finnish gold, cobalt project 9.37am: Wall Street mixed The main indices on Wall Street started Monday’s session on a mixed note as traders seemed unsure of which way to turn following the volatility of the previous week. Shortly after the opening bell, the Dow Jones Industrial Average was up 0.58% at 33,481 while the S&P 500 climbed 0.31% to 4,179. The Nasdaq was the outlier, falling 0.19% to 14,003. While the markets were mixed, an early riser was biopharma firm Gilead Sciences Inc (NASDAQ:GILD), which rose 0.4% to US$66.90 following data showing its coronavirus drug Veklury can reduce the risk of patient death. 7.50am: Wall Street set to rally After Friday’s wild ride – more of a plunge ride than a roller-coaster, US markets are expected to claw back some losses today. Spread betting quotes indicate the Dow Jones Industrial Average will open 174 points higher at 33,464; the S&P 500 14 points firmer at 4,180 and the Nasdaq 100 44 points better at 14,094. “The combination of a surprisingly-exciting Fed meeting and options expiry on Friday meant that many markets were dramatically shaken out of their complacency, with the Dow, gold and key FX pairs seeing sharp drops,” said Chris Beauchamp at IG. There is the potential for more Fed-inspired volatility today with Federal Reserve officials Robert Kaplan and James Bullard set to discuss the US economic outlook today. Four things to watch for on Monday: Companies in the earnings diary include electric vehicle infrastructure group ChargePoint Holdings Inc (NYSE:CHPT), Chinese used car retailer Uxin Ltd (NASDAQ:UXIN) and Uranium Energy Corp (NYSEAMERICAN:UEC) Shares in Apple Inc (NASDAQ:AAPL) could draw interest following news of a fresh antitrust probe from authorities in Germany There may also be interest in the upcoming IPO of cybersecurity firm SentinelOne Inc after it set the terms of the float that could see it valued at up to US$7.36bn. On the macro front, there is little happening, however some investors may be interested in the latest national activity index from the Chicago Fed