At the beginning of the week, US index futures retreated in the premarket, despite gains in Europe. Market sentiment remains positive as optimism for Fed rate cuts in 2H24, a resilient economy and cooling inflation push Wall Street to new ATN levels. Despite heightened risk appetite keeping the S&P500 above $5K levels, caution is seen among traders ahead of tomorrow’s CPI release (3:30pm). The expectations during today’s trading session are that the indices will hold close to the current highs, trading in a narrow range.
-Earnings season continues in full force as among the companies reporting their results today, Principal Financial Group, Lattice Semiconductor, Trimble and others stand out.
-DXY with flat performance at the beginning of the week, holding above 50.0FIBO, before the CPI data (Tuesday, 15:30).
At 15:40 Bulgarian time:
Dow falls -0.14%
S&P500 down -0.04%
Nasdaq slips -0.05%
S&P500 futures open the new week slightly lower, holding above the $5K levels, near the ATN, supported by market sentiment and expectations of continued cooling inflation, which would strengthen the buy side influence during the week. Bullish attitudes continue to dominate, despite the momentary caution ahead of tomorrow’s CPI release (3:30 p.m.).
Dealer Aleks Angelov