US Stock Futures Start the Week on Stronger Note; Dollar Eases

US Stock Futures Start the Week on Stronger Note; Dollar Eases


Major US stock index futures kicked off the week on a stronger note as investors are optimistic about the coronavirus numbers. The number of hospitalized cases in New York has fallen slightly, and Trump stated that the US is in the toughest week with the fight against the virus. Also, Italy reported its smallest daily increase in deaths in two weeks. On the other hand, market participants are looking forward to an output cut deal between Russia and Saudi Arabia, which could support the oil and gas sector. The Dow Jones Industrial Average futures rose to 21837, the S&P500 futures rallied to 2586, and Nasdaq futures advanced to 7866.


The dollar index, which measures the greenback against a basket of major currencies, fell from a ten-day high of 100.85 following the US jobs report to trade at 100.52 ahead of the European trading session. The nonfarm payrolls dropped 701 thousand, the first drop since 2010, and the lowest figure since 2009. Also, the unemployment rate soared to 4.4% from 3.5% prior, and the participation rate dropped to 62.7%, while the average hourly earnings surged 0.4%. The labor market could see further steep declines if the coronavirus expanded further. The EURUSD recovered to $1.0835, the GBPUSD edged higher to $1.2320, and the AUDUSD advanced to $0.6061.


Precious metals surged as the dollar eased post sluggish jobs figures. The price of a gold ounce rose to a ten-day high of $1632, the price of a silver ounce inched higher to $14.61, while palladium futures held steady near above $2100.


Oil prices started the week on a gap lower on reports that the OPEC+ meeting will be delayed till Thursday. However, benchmarks recovered as the  CEO of Russia Sovereign wealth fund RDIF, Kirill Dmitriev, stated that Saudi Arabia and Russia are very close to reaching a deal to help stabilize the market. He added that Russia is negotiating with American producers to participate in the output cut. The West Texas Intermediate crude futures rallied to $28.22, and Brent futures advanced to $34.24.

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