Traders Are Cautious Ahead Of Jackson Hole Symposium
S&P 500 futures are swinging between gains and losses in premarket trading as traders prepare for the upcoming Jackson Hole Symposium which will begin tomorrow.
The U.S. Dollar Index, which measures the strength of the U.S. dollar against a broad basket of currencies, is moving higher. It has already managed to get above the 93 level and is trying to settle above the resistance at 93.10.
Tech stocks will be in focus today after Nasdaq moved to new highs in the previous trading session. The yield of 10-year Treasuries is trying to settle above 1.30%, and higher yields may put some pressure on tech shares, although it should be noted that volatility in U.S. government bond markets remains muted.
Durable Goods Orders Declined By 0.1% In July
U.S. has just released Durable Goods Orders report for July. The report indicated that Durable Goods Orders decreased by 0.1% month-over-month in July after growing by 0.8% in June. Analysts expected that Durable Goods Orders would decline by 0.3%.
It remains to be seen whether Durable Goods Orders report will have any impact on the market as it was mostly in line with the analyst consensus. In addition, traders are waiting for Jackson Hole Symposium and may ignore other news.
WTI Oil Tries To Settle Above The $68 Level
Yesterday, API Crude Oil Stock Change report indicated that crude inventories declined by 1.6 million barrels compared to analyst consensus which called for a decline of 2.37 million barrels. While the report missed analyst estimates, WTI oil continued to move higher on vaccine optimism.
Oil-related stocks had another strong session on Tuesday, and it looks that they will be able to gain more ground at the beginning of today’s trading session. However, it is not clear whether they will be able to gain strong upside momentum today as oil moved from $62 to $68 without any pullback and it may soon face some pressure from profit-taking.
For a look at all of today’s economic events, check out our economic calendar.