U.S. inventory futures retain Wall Street’s rally forward of Powell testimony and jobs information

U.S. inventory futures have been regular early Monday, holding their newest rally forward of testimony from Federal Reserve Chair Jerome Powell and essential jobs information later within the week.

How are stock-index futures buying and selling
  • S&P 500 futures
    ES00,
    -0.07%
    dipped 1 level, or lower than 0.1%, to 4049
  • Dow Jones Industrial Average futures
    YM00,
    -0.10%
    fell 16 factors, or 0.1%, to 33398
  • Nasdaq 100 futures
    NQ00,
    -0.04%
    rose 8 factors, or 0.1%, to 12320

On Friday, the Dow Jones Industrial Average
DJIA,
+1.17%
rose 387 factors, or 1.17%, to 33391, the S&P 500
SPX,
+1.61%
elevated 64 factors, or 1.61%, to 4046, and the Nasdaq Composite
COMP,
+1.97%
gained 226 factors, or 1.97%, to 11689.

What’s driving markets

Stock futures are pausing for breath following a two-day bounce that broke a three-week dropping streak.

The S&P 500 has recovered the 4,000 mark as buyers welcomed the sight of benchmark bond yields dipping again under 4%, regardless of a report on Friday displaying the U.S. providers sector stays in sturdy well being.

“U.S. markets ended the week in positive territory, for the moment looking through the implications of more recent data which suggest that the Federal Reserve still has work to do in taming inflation by raising interest rates further,” mentioned Richard Hunter, head of markets at Interactive Investor.

“There was some relief following comments from a Fed member, which cemented the likelihood that the next rate rise will be 0.25%, suggesting at least that the velocity of rate rises could have peaked,” he added. Last week, Atlanta Fed President Raphael Bostic mentioned he was “very firmly” within the quarter-point transfer camp.

The 10-year Treasury yield
TMUBMUSD10Y,
3.925%,
which hit 4.081% final Thursday, is down one other 2.6 foundation factors to three.933%.

Investors’ consideration will now flip to Powell’s semi-annual congressional testimony on Tuesday and Wednesday, then on Friday the nonfarm payrolls report will present whether or not wage progress is being contained, an essential consideration for the central financial institution.

“[Powell] will certainly reiterate that the Fed is not yet done with its fight against inflation, that the labor market remains particularly strong, that a soft landing is possible, yet the Fed won’t hesitate to sacrifice growth to abate inflation as soon as possible,” mentioned Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

“Looking at the latest set of data, the U-turn of easing inflation and last month’s blowout jobs figures, we don’t expect to hear anything less than hawkish from Mr. Powell. But it’s always possible that a word like ‘disinflation’ slips out of his mouth, and that we get a boost on risk,” she added.

Some analysts remained skeptical of the newest rally’s longevity.


Source: BTIG

“We think the counter-trend rally can carry a bit further, but expect the 4060-4080 zone on [the S&P 500] to represent firm resistance based on retesting the broken uptrend, horizontal resistance from the mid-Feb. breakdown, and the falling 20 da moving average,” mentioned Jonathan Krinsky, chief technical strategist at BTIG.

“Above that, the high volume zone of 4125-4150 should act as more important resistance,” he added.

Source web site: www.marketwatch.com

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