US Stock Futures Inch Higher as Chinese PMI Builds Hope

US Stock Futures Inch Higher as Chinese PMI Builds Hope


Major US stock index futures settled higher yesterday to recover from Friday's losses. Benchmarks managed to rally despite the extension of social distancing to April 30th and the significant fall in economic indicators. During the Asian session, stock futures edged slightly higher, supported by the rebound of the Chinese Manufacturing PMI after a notable drop in February due to the coronavirus outbreak. The reading came in at 52.0, giving investors hope that US economic indicators will bounce again when the coronavirus spread ends.


The dollar index, which measures the greenback against a basket of major currencies, extended rally to 99.60 as investors favored dollar safety. The buck rebounded sharply on Monday after having its worst week since 2009. The EURUSD dropped to $1.0983, the GBPUSD fell to $1.2240, and the USDJPY inched higher to 108.72. Meanwhile, the US Treasury yields surged where the US 10-year yields recovered to 0.734%, and the US 30-year yields advanced to 1.347%. Market participants are looking forward to the Chicago PMI and CB Consumer Confidence today to weigh the effects of the coronavirus on the economy and consumer sentiment.


Gold prices edged lower but remained in a consolidation zone on the larger picture awaiting fresh drivers. The spot price of a gold ounce fell to $1610, the price of a silver ounce plunged to a one-week low of $13.81, while palladium futures held steady near $2200.


Oil prices bounced off their lowest levels since 2002 as Trump and Putin agreed to talks to stabilize the market. As per the Kremlin, during a phone call, the US and Russian presidents agreed to have their top energy officials discuss the plunge in oil prices. The West Texas Intermediate crude futures rallied to $21.72 after falling to an eighteen-year low of $19.29, and Brent futures advanced to $27.16 from $25.29.

Major Economic Events

GMT Country Event Expectation Previous



CPI (YoY) (Mar) 





GDP (MoM) (Jan)





Chicago PMI (Mar)





CB Consumer Confidence (Mar)




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.

CFDs and Spot FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Your profit and loss will vary according to the extent of the fluctuations in the price of the underlying markets on which the trade is based. Read More
Read More
Mail Call Chat