US open Stocks point to a mixed open jobless claims disappoint
US futures point to a mixed start with tech supported by the prospect of watered down tax rises. US jobless claims unexpectedly rise.
Share this:
US futures
Dow futures -0.04% at 33401
S&P futures +0.3% at 4090
Nasdaq futures +0.8% at 13721
In Europe
FTSE +0.4% at 6914
Dax -0.06% at 15178
Euro Stoxx +0.3% at 3968
Learn more about trading indices
US futures are pointing to a stronger start with the tech heavy Nasdaq set to outperform. Stocks are being boosted by confirmation of a supportive Fed and by the prospect of Biden’s tax cuts being watered down.
The minutes from the Fed’s March meeting saw policy markets acknowledge progress in the US economic recovery, but also reiterate that the recovery would take some time. The Fed showed no intentions of tightening policy sooner than anticipated. The prospect of an ultra-loose monetary policy for longer has boosted stocks whilst pulling on the US.
Also supporting the market are reports that Biden’s corporate tax plans are less ambitious than feared with 15% minimum tax proposed by Janet Yellen, applying to companies with over $2 billion annual income, a much higher threshold than the $100 million initially proposed.
As a result of Biden’s softer tax plans, big tech are on the rise. The sector stood to be hard hit by ambitious tax plans so any suggestions that the tax hit could be lower is good news.
US jobless claims unexpectedly jump
Jobless claim unexpectedly rose last week to 744k, up from 728k previously and significantly worse than the 680k expected.
The data come following a blowout non-farm payroll report and upbeat JOLTS job opening numbers earlier in the week.
Federal Reserve Chair Jerome Powell is expected to speak later but he is not expected to add anything new to the minutes released yesterday.
Where next for the Nasdaq?
The Nasdaq trades above its 50 & 100 EMA on the 4 hour chart. The rally has gained momentum since the start the April, however the rally appears to be running out of steam. The RSI is also in overbought territory so a slight pull back could be on the cards before an attempt is made back towards the all time high of 13900 and then on to 14000. Any slip lower could meet support at 13500 this week's low and 13400 the 50 EMA. It would take a move below here to negate the upward trend.
FX – EUR rises, gains capped by AstraZeneca vaccine concerns
The US Dollar is moving southwards after the minutes from the FOMC March meeting reiterated a dovish stance and after weaker than forecast non-farm payrolls.
EUR/USD – there were few surprises from the ECB minutes as policy makers reassured that they will maintain an accommodative stance for as long as necessary. The central bank added that it saw no risk of the economy overheating. EUR/USD has had a strong rally so far this week, although gains in the pair are being capped by concerns surrounding the AstraZeneca covid vaccine in Europe. Regulators have drawn between rare blood clots and the vaccine; a covid vaccine that Europe’s already sluggish vaccine programme depends heavily on
GBP/USD +0.2% at 1.3765
EUR/USD trades +0.13% at 1.1881
Oil lower after disappointing EIA data
Oil is trending lower, snapping a two-day winning run, despite the upbeat market mood and a weaker US Dollar. A disappointing EIA crude oil inventory report is dragging on the price along with the ongoing covid concerns.
The EIA report released on Wednesday revealed a larger than expected 3.5 million barrel draw in inventories. However, gasoline stocks saw a much larger than expected rise with a build of 4.044 million.
Concerns over rising covid numbers in key developing markets such as Brazil and India are weighing on the future demand outlook. The ongoing lockdown in Europe is also a headwind.
US crude trades -0.4% at $59.50
Brent trades -0.25% at $62.87
Learn more about trading oil here.
The complete guide to trading oil markets
Looking ahead
16:00 Fed Bullard Speech
17:00 Fed Chair Jerome Powell Speech
18:00 Fed Kashkari Speech
US futures
Dow futures -0.04% at 33401
S&P futures +0.3% at 4090
Nasdaq futures +0.8% at 13721
In Europe
FTSE +0.4% at 6914
Dax -0.06% at 15178
Euro Stoxx +0.3% at 3968
Learn more about trading indices
US futures are pointing to a stronger start with the tech heavy Nasdaq set to outperform. Stocks are being boosted by confirmation of a supportive Fed and by the prospect of Biden’s tax cuts being watered down.
The minutes from the Fed’s March meeting saw policy markets acknowledge progress in the US economic recovery, but also reiterate that the recovery would take some time. The Fed showed no intentions of tightening policy sooner than anticipated. The prospect of an ultra-loose monetary policy for longer has boosted stocks whilst pulling on the US.
Also supporting the market are reports that Biden’s corporate tax plans are less ambitious than feared with 15% minimum tax proposed by Janet Yellen, applying to companies with over $2 billion annual income, a much higher threshold than the $100 million initially proposed.
As a result of Biden’s softer tax plans, big tech are on the rise. The sector stood to be hard hit by ambitious tax plans so any suggestions that the tax hit could be lower is good news.
US jobless claims unexpectedly jump
Jobless claim unexpectedly rose last week to 744k, up from 728k previously and significantly worse than the 680k expected.
The data come following a blowout non farm payroll report and upbeat JOLTS job opening numbers earlier in the week.
Federal Reserve Chair Jerome Powell is expected to speak later but he is not expected to add anything new to the minutes released yesterday.
Where next for the Nasdaq?
The Nasdaq trades above its 50 & 100 EMA on the 4 hour chart and ascending trendline. The rally has gained momentum since the start the April, however the rally appears to be running out of steam. The RSI is also in overbought territory so a slight pull back could be on the cards before an attempt is made back towards the all time high of 13900 and then on to 14000. Any slip lower could meet support at 13500 this week's low and 13400 the 50 EMA. It would take a move below here to negate the upward trend.
FX – EUR rises, gains capped by AstraZeneca vaccine concerns
The US Dollar is moving southwards after the minutes from the FOMC March meeting reiterated a dovish stance and after weaker than forecast non farm payrolls.
EUR/USD – there were few surprises from the ECB minutes as policy makers reassured that they will maintain an accommodative stance for as long as necessary. The central bank added that it saw no risk of the economy overheating. EUR/USD has had a strong rally so far this week, although gains in the pair are being capped by concerns surrounding the AstraZeneca covid vaccine in Europe. Regulators have drawn between rare blood clots and the vaccine; a covid vaccine that Europe’s already sluggish vaccine programme depends heavily on
GBP/USD +0.2% at 1.3765
EUR/USD trades +0.13% at 1.1881
Oil lower after disappointing EIA data
Oil is trending lower, snapping a two-day winning run, despite the upbeat market mood and a weaker US Dollar. A disappointing EIA crude oil inventory report is dragging on the price along with the ongoing covid concerns.
The EIA report released on Wednesday revealed a larger than expected 3.5 million barrel draw in inventories. However, gasoline stocks saw a much larger than expected rise with a build of 4.044 million.
Concerns over rising covid numbers in key developing markets such as Brazil and India are weighing on the future demand outlook. The ongoing lockdown in Europe is also a headwind.
US crude trades -0.4% at $59.50
Brent trades -0.25% at $62.87
Learn more about trading oil here.
The complete guide to trading oil markets
Looking ahead
16:00 Fed Bullard Speech
17:00 Fed Chair Jerome Powell Speech
18:00 Fed Kashkari Speech
Latest market news
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
GBP/USD forecast: US dollar surges as bonds implode
The US dollar continued to press higher deep into the European session, supported by the slump in the bond markets as yields broke out across the curve. Following the recent hawkish Fed rate hike, yield spreads between the US and the rest of the world has continually increased, and that motion continued today, helped in part by some forecast-beating US macro data and hawkish Fed commentary.
Australian Dollar Technical Outlook: AUD/USD Breakdown Threatens Deeper Correction 9 23 2026
AUD/USD remains under pressure after breaking key trend support, with the latest decline putting the focus on the next major downside pivot.
USD/JPY forecast: US dollar strengths amid hawkish Fed despite recent oil weakness
The US dollar has extended its gains this morning, even if oil prices finished lower for the fifth consecutive day yesterday. Oil prices have bounced back in this first half of today’s session, causing a bit of pressure on currencies that rely on energy imports such as the euro, pound, Swiss franc, and Japanese yen. But it was the dollar that was exerting the most pressure, amid hawkish FedSpeak. Meanwhile, European indices and precious metals were also under a bit of pressure amid the strength of the dollar.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.