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US Stock Futures Rebound to Post their Biggest One-Day Gains in Almost a Decade

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Equities

US stock futures rebounded off a multi-month low to post their biggest one-day gains in nearly a decade. The global stock market faced a heavy sell-off on the worst Christmas Eve ever, weighed down by the growing concerns over US political uncertainty and the signs of a global economic slowdown. However, major US indices rose sharply on Wednesday supported by the comments of the White House economic advisor Kevin Hassett. He said that the jobs of both Treasury Secretary Mnuchin and Fed Chairman Powell are 100% safe. The Dow Jones Industrial Average futures logged a record 1,000-point gain in one-day climbing 5.2% to 22872, the S&P500 futures rose 5.1% to 2468, and the Nasdaq futures soared 6.3% to 6276.

USD

The dollar index which measures the greenback against a basket of major currencies rose to a one-week high of 97.12 after Hassett's assurances. The greenback and Treasury yields were under pressure on expectations that the Fed will not be able to proceed with tightening its monetary policy furthermore in 2019. Moreover, the confrontation between the White House and the Federal Reserve raised concerns over firing the Fed's chairman. The US 10-year yields rebounded from an eight-month low of 2.717% to 2.816%. The USDJPY jumped 0.8% to 111.36, and the USDCHF rose 0.9% to 0.9956.

Metals

Gold prices retreated from a six-month high as the dollar strengthened. The gold ounce traded at a high of $1278 ahead of the US trading session, but reversed gains and ended the day down 0.3% to $1267 as the dollar surged along with stocks. Meanwhile, the silver ounce held gains and settled at $15.01, the highest close in four months.

Oil

Oil prices bounced from an eighteen-month low supported by the stock market rally. The West Texas Intermediate crude futures rose 9.2% to $46.45, and the Brent futures added 9.4% to $54.92. The American Petroleum Institute will report the US weekly crude oil stock later today.

Major Economic Events

GMT Country Event Expectation Previous
13:30 US Initial Jobless Claims 217 214
15:00 US CB Consumer Confidence (Dec) 133.7 135.7
15:00 US New Home Sales (MoM) (Nov)  2.9% -8.9%
21:30 US API Weekly Crude Oil Stock   3.450

 

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