Benchmarks Point Higher This Morning Ahead Of The Long Weekend

The semiconductor space gained about 2.5% yesterday
Weekly Jobless Claims, both Initial and Continuing, came in higher than expected
With the idea of less debt to fund spending, Biden’s infrastructure spending plan has brought support to the Treasury complex

Anna Carpenter
Thu, 04/01/2021 – 10:33

Blue Line Futures

Publication Date

Stock Market Update for Traders

Wednesday’s Close

E-mini S&P 500 Futures (June): Settled at 3967.50, up 19.75

E-mini Nasdaq-100 Futures (June): Settled at 13,089.75, up 211.50

Yesterday was the session we’ve been waiting for; there was a tech-driven green light across U.S. benchmarks, the Nasdaq broke above a downtrend line from its February 16th all-time high, and the S&P settled at a fresh record. U.S. benchmarks were pointing higher this morning ahead of both the bell and a long weekend. Tomorrow brings Nonfarm Payroll, but the NYSE is closed and index futures only trade through 8:15 a.m. CT due to the Good Friday holiday.

The semiconductor space gained about 2.5% yesterday. Micron beat earnings after the bell and gained as much as 5% overnight. Additionally, Taiwan Semiconductor is up 2.5% ahead of the bell with news it’ll invest $100 billion over the next 3 years, along with President Biden’s announcement that his infrastructure plan will bolster the industry. 

As a unit, coupled with Apple and Microsoft responding to massive levels of technical support yesterday, tech could really bring strong leadership. Speaking of Microsoft, yesterday they won a contract worth up to $21.9 billion from the U.S. Army to produce augmented reality devices.

Weekly Jobless Claims, both Initial and Continuing, came in higher than expected. Although better revisions for last week helped offset some of the miss, this coupled with yesterday’s ADP jobs data has encouraged a little unwind of U.S. Dollar and rate strength that came on whispers of a blowout Nonfarm Payroll report tomorrow.

We received final March Manufacturing PMI at 8:45 a.m. CT and the more closely-watched ISM read at 9:00 a.m. Philadelphia Fed President Harker speaks at noon CT and Dallas Fed President Kaplan speaks at 3:05 p.m. CT; neither vote in 2021 or 2022.

Bringing a supportive wave to risk assets is the U.S. Dollar and rates, both are backing off from this week’s highs. Yesterday, President Biden unveiled his infrastructure spending plan and highlighted costs coming from tax hikes. We pointed to the White House’s plan to raise corporate taxes from 21% to 28% and increase the personal tax rate to 39.6% for households earning more than $400,000. 

There’s certainly opposition, even from Democrats in New York and New Jersey who want the cap on SALT dropped. Still, for the time being, with the idea of less debt to fund spending, it’s brought support to the Treasury complex. This has tightened the spread between U.S. and German 10-Years by about 2 basis points. Additionally, firm Manufacturing PMI from both Europe and the UK earlier this morning has weighed on the U.S. Dollar.

Interested in our technical perspective? Please sign up to have Blue Line Futures technical outlook, actionable bias, and proprietary levels emailed to you each day.

Market Analysis


Nasdaq 100
S&P 500
european central bank
S&P 500 futures
E-mini S&P
S&P E-mini
S&P 500 Index
Federal Reserve


Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.