Futures bounce and move to positive territory, between Ukraine, the Fed and data

• Follow the war in Ukraine, COVID in China and the FOMC evaluates.
• US data: wholesale inflation reaches 10% and the manufacturing Empire collapses.
• Futures in positive, follows the volatility that includes commodities.

The Global financial markets had a recovery in the last hours, which boosted US stock futures. The focus remains on Ukraine and the Federal Reserve meeting begins.

The S&P 500 fell 0.7% on Monday and futures point to a positive open of 0.69%. The rest of the indices are also in the green after being negative for several hours. The rebound continued after earlier US economic data, the war in Ukraine and the announcement of restrictions in regions of China by COVID cases had deteriorated the market sentiment.

It was known that the producer price index rose less than expected in February, reaching the annual rate of 10%. The Empire Index unexpectedly plunged from 3.1 to -11.8, the lowest level since May 2020.

The dollar appears weak on Tuesday, at the start of the Federal Reserve meeting. An interest rate hike is expected on Wednesday. The market’s focus is on signals going forward.

Commodities are down significantly on Tuesday. The gold it loses more than $30 and approaches $1900 while silver returned below $25.00. Oil yields more than 6%, at a minimum since March 1. US inventory data and the monthly report from the Organization of the Petroleum Exporting Countries will be released on Tuesday.

The treasury bond yields they are retreating which weakens the dollar, but remains in the area of ​​maximums in months. The 10-year tranche yields 2.08%, having had the highest close since June 2019 at 2.13% on Monday.