US Stock Futures Extend Gains, S&P500 Turns Positive for the Year

US Stock Futures Extend Gains, S&P500 Turns Positive for the Year


Major US stock-index futures added to previous gains buoyed by optimism over reopening the economy. Investors are satisfied with the pace of reopening the business in the States and looking forward to a speedy economic recovery. The robust job figures reported late last week fueled their assumptions of a fast and healthy recovery boosting their risk appetite. The Dow Jones Industrial Average futures rose to 27621, the S&P500 turned positive for the year rising to 3231, and Nasdaq futures advanced to a fresh record high of 9905.


The dollar index, which measures the greenback against a basket of major currencies, held steady near a three-month low of 96.53 awaiting fresh fundamental drivers. The prevailing risk-on mood is weighing on safe currencies such as the dollar, Japanese Yen, and the Swiss franc. On the other hand, the Federal Reserve kicks-off a two-day monetary policy meeting starting today. Market participants are looking forward to any hints on the current easing, especially the Fed's thoughts on rewinding stimulus as the economy recovers. Moreover, the Fed will be publishing economic projections such as inflation, unemployment, and economic growth, besides FOMC member's interest-rate forecasts for the coming years.


Gold prices inched higher, recovering slightly from Friday's sharp losses. Investors are awaiting the Federal Reserve monetary policy meeting to grasp further clarity on the economic outlook and monetary stimulus. The price of a gold ounce rose to $1704, the price of a silver ounce held steady near $17.50, and palladium futures rallied to $2056.


Oil prices eased from their three-month peak amid doubts over the compliance of oil producers to the agreed cuts. During the latest OPEC+ negotiations, it was clear that some of the members didn't comply with the needed cuts. Investors are concerned about another supply glut if producers don't stick to the quota. On the other hand, Saudi Arabia stated yesterday that Gulf countries would not extend the additional 1.18 million barrel per day cuts till the end of July. The West Texas Intermediate crude July delivery declined to $37.95, and Brent Blend August delivery fell to $40.67.

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