- Futures point to a negative open for Wall Street.
- Operators attentive to US economic data
- The dollar rally continues, DXY at maximum in months.
The Equity markets remain cautious, reflected in the lack of momentum for the rebound. US stocks in the pre-market trade in negative territory after failing to hold. S&P 500 futures point to a 0.70% lower open, while the Nasdaq is down 0.55%.
The better-than-expected results of Apple (shares up 2% in premarket), were not enough to shore up traders’ sentiment. The expectation of monetary tightening by the Federal Reserve continues to predominate and favors the dollar. Greenback continues to rise and DXY is at new highs since June 2020.
US personal income and spending data, which includes measures of inflation, will be released and may be relevant. Although the focus remains on the mood of the markets. The VIX remains at elevated levels. In the bond market, Treasury bond yields rose on Friday, with the 10-year rate at 1.84%, still below recent highs.
One of the stars on Friday is oil, with the barrel of WTI rising 1.65%, approaching the highest in years. It’s about $88.00. Metals are the flip side. Gold and silver continue to fall and are trading below $1800 and $25.50 respectively.
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