U.S. stock futures stabilized early Monday, sustaining their latest gain ahead of Federal Reserve Chairman Jerome Powell’s testimony and key jobs data later in the week.
How do stock index futures trades work
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S&P500 Futures
ES00,
+0.02% Down 1 point to 4049, or less than 0.1%
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Dow Jones Industrial Average Futures
YM00,
-0.03% Decreased by 16 points (0.1%) to 33398
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NASDAQ 100 Futures
NQ00,
+0.12% 8 points or 0.1% up to 12320
Friday’s Dow Jones Industrial Average
DJIA,
Up 387 points, or 1.17%, to 33391 in the S&P 500.
SPX,
Up 64 points, or 1.61%, to 4046, the Nasdaq Composite
complete,
It rose 226 points (1.97%) to 11689.
what drives the market
Equity futures are on pause after a two-day rally that ended a three-week losing streak.
The S&P 500 has recovered the 4,000 mark.This is Friday’s report US service sector remains strong.
“U.S. markets will end this week in positive territory as we examine the implications of recent data suggesting that the Federal Reserve still has work to do to keep inflation under control by raising interest rates further. Done. Interactive Investor.
“I am somewhat relieved to hear comments from Fed members that cement the likelihood that the next rate hike will be 0.25%, suggesting that at least the speed of rate hikes may have peaked,” he said. added. Last week, Atlanta Fed President Rafael Bostic said he was “very firmly” in the quarter-point movement camp.
10 year government bond yield
TMUBMUSD10Y,
It dropped another 2.6 basis points to 3.933% from last Thursday’s 4.081%.
Investor attention will turn to Chairman Powell’s semiannual testimony to Congress on Tuesday and Wednesday, and Friday will see whether wage growth is contained, a key consideration for central banks. will be shown in the sector’s employment statistics.
“[Powell] The Federal Reserve will reiterate that the fight against inflation is far from over, that the labor market remains particularly strong, and that a soft landing is likely. Ipek Ozkardeskaya, Senior Analyst at Swissquote Bank, said:
“Looking at the latest set of data, a U-turn in inflation relief and last month’s explosive job numbers, expect to hear nothing but hawks from Mr. Powell. But ‘disinflation.’ There’s always the chance that a word like ‘will fall out of his mouth,’ which could increase the risk,” she added.
Some analysts were skeptical about the sustainability of the recent rally.
Source: BTIG
“We believe the countertrend rally could last a little longer, but we expect the 4060-4080 zone to continue. [the S&P 500] A broken uptrend from mid-February, representing firm resistance based on retesting horizontal resistance. BTIG Chief His Technical His Strategist Jonathan Klinski said:
“Above that, the high volume zone at 4125-4150 should act as a more important resistance,” he added.
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