S&P 500: No clear direction, in vacation mode

• Equity markets in Europe are mixed, just like Wall Street futures.
• Oil and metals retreat from maximums in months.
• Sovereign bond yields fall after the strong rise on Tuesday.

The markets continue to move sideways, without major variations, with a context of low volume. Oil and metals retreat after hitting multi-day highs. The dollar weakened in the last hours.

Indefiniteness and low volume

In Asia the Hang Seng rose 1.56%, while the Nikkei 225 lost 0.41%. In Europe, the main indices do not show large variations, highlighting the rise of 0.90% of the FTSE 100. S&P 500 closed 0.40% lower on Tuesday and futures point to an open 0.20% higher. The Nasdaq climbs 0.19% and the Dow Jones 0.28%.

There are reports that mention collapsed hospitals and problems due to contagion of covid in China. This is not stopping the authorities on their way to reopening the economy. Countries like Japan are studying implementing restrictions on those arriving from China due to fears that a new global wave will be generated.

The low volume and uncertainty continue to dominate the pulse of the markets these days, which favors routes without a clear guideline. Normality will return next week.

The actions of Tesla They try to recover in the premarket, after a collapse of 11% on Tuesday and aim to end with a drop of 69%, in the year in which Elon Musk sold 40,000 million dollars in shares of the company and embarked on the adventure of Twitter . Companies due to report results Wednesday include Scorpio Tankers, Cal-Maine and DCM.

The dollar It is mostly trading lower, especially against commodity-linked currencies, even despite lower commodity prices. The yen is among the worst performers with USD/JPY testing a comeback above 134.00. EUR/USD remains in the range of recent sessions, close to key resistance at the 1.0670 area.

The economic calendar continues to show a lack of key events and data these days. Wednesday highlights the release of the US Pending Home Sales report and the Richmond Fed’s manufacturing report.

The sovereign bond yields they are descending on wednesday. The recovery in public titles follows the sharp drop on Wednesday. The US 10-year bond yields 3.82%, while the German benchmark yields 2.47%.

The Prayed corrects lower after reaching highs since June above $1830, and reached as much as $1800. Silver for its part could not hold above $24.00 and fell back towards $23.50. Cryptocurrencies lose ground on Wednesday. Bitcoin falls 0.25% and is at $16,670, continuing in the price zone of the last few days. Ethereum returned below $1,200.

Oil prices are falling, although they have pared losses in the last few hours. After hitting three-week highs near $80.80, a correction began, extending to levels below $79.00. On Wednesday, the EIA (Energy Information Administration) and API (American Petroleum Institute) crude inventory data will be released.

technical levels