Stock Futures Surge as Oil Rallies; Dollar Holds Steady
Stock Futures Surge as Oil Rallies; Dollar Holds Steady
Equities
Major US stock index futures soared, recovering partial losses for the week driven by better performance for the banking sector and rising oil prices. Top US banks gained sharply on the session, and oil prices rose to a six-week high supporting risk sentiment. The upside rally continued during the Asian session, where the Dow Jones Industrial Average futures rose to 23644, the S&P500 futures advanced to 2857, and Nasdaq climbed to 9131.
USD
The dollar index, which measures the greenback against a basket of major currencies, held steady trading at 100.25 ahead of the publication of a series of economic data from the United States later today. The dollar earned a boost as Powell stated that the Federal Reserve is not considering negative rates. On the other hand, the initial jobless claims continued to show the impact of the COVID19 on the US labor market, rising 2.981 million last week. Currently, the EURUSD is trading slightly above $1.08, the GBPUSD rose above $1.22 again, and the AUDUSD recovered to $0.6472.
Gold
Gold prices extended gains as central banks and governments are considering more stimulus to support their economies. The price of a gold ounce rose to a three-week high of $1738, the price of a silver ounce ascended to $16.36, and palladium futures were almost unchanged near $1800.
Oil
Oil prices surged further on signs of a recovery in Chinese demand levels. The data eased investors' concerns about the available excess supply, hinting that demand will get back to normal levels as economies reopen. The West Texas Intermediate crude June delivery rose to $28.73, and Brent blend July delivery climbed to $32.49.
Major Economic Events
| GMT | Country | Event | Expectation | Previous |
|---|---|---|---|---|
|
12:30 |
US |
Core Retail Sales (MoM) (Apr) |
-8.6% |
-4.2% |
|
12:30 |
US |
Retail Sales (MoM) (Apr) |
-11.6% |
-8.4% |
|
13:15 |
US |
Industrial Production (MoM) (Apr) |
-11.5% |
-5.4% |
|
14:00 |
US |
Business Inventories (MoM) (Mar) |
-0.3% |
-0.4% |
|
14:00 |
US |
JOLTs Job Openings (Mar) |
5.77 |
6.88 |
|
14:00 |
US |
Michigan Consumer Sentiment (May) |
68.5 |
71.8 |
|
17:00 |
US |
U.S. Baker Hughes Oil Rig Count |
- |
292 |
Disclaimer
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM.COM. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.
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