Despite Early Signs Of Strength, U.S. Benchmarks Finished Poorly Again Wednesday

Deck
Early signs of strength across each index dissipated as the session unfolded
Fears tied to lockdowns in Europe are certainly weighing on sentiment and buoying the U.S. Dollar
Weekly Jobless Claims were much better than expected with both Continuing and Initials Claims hitting a pandemic low

Anna Carpenter
Thu, 03/25/2021 – 10:19

Authors
Blue Line Futures

Publication Date

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Stock Market Update for Traders

Last Week’s Close

E-mini S&P 500 (June): Settled at 3880.75, down 19.00

E-mini Nasdaq-100 (June): Settled at 12,794, down 212.25

U.S. benchmarks finished poorly again yesterday. Early signs of strength across each index dissipated as the session unfolded; the Nasdaq was first to go, slammed at the opening bell, then the Russell midday. The S&P followed, and the Dow was the last— although the Dow finished positive by 13 ticks, it was 1% from its session high. 

Fears tied to lockdowns in Europe are certainly weighing on sentiment and buoying the U.S. Dollar, which also adds pressure to risk-assets. Additionally, the spread between the U.S. 10-year Note and German 10-year Bund is back to that of January last year and this, too, is supportive to the U.S. Dollar. 

On the economic calendar, final GDP for Q4 came in a touch better at 4.3% versus 4.1% on the preliminary read, but the internals disappointed. Weekly Jobless Claims were much better than expected with both Continuing and Initials Claims hitting a pandemic low on the heels of reopenings and stimulus. 

A deluge of Fed speakers beginning with Governor Richard Clarida and NY President John Williams at 9:10 a.m. CT, Atlanta President Raphael Bostic at 11:00 a.m. CT, Chicago President Charles Evans at noon CT, and San Francisco President Mary Daly at 6:00 p.m. CT will certainly make a mark on the session as they are all 2020 voters. 

However, it’s President Biden’s first official press conference at 12:15 p.m. CT that will highlight the day. He’s expected to unveil the details of a massive infrastructure spending plan, but the market’s worries are on how the plan will be paid for; participants fear capital gains restructuring, as well as a wealth tax. 
Lastly, traders should keep an eye on the 7-year Note auction at noon CT.

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Section
Market Analysis

Topic
Index

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Index
S&P 500 Index
S&P 500
S&P 500 futures
E-mini S&P
E-mini Nasdaq 100
FOMC
FOMC minutes
Nasdaq 100
equities
S&P E-mini
stocks
Yield curve

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