US Futures Climb, Commodities Advance for Ninth Day – April 29

    Powell Confirms Dovish Stance, Techs Beat Earnings Expectations

    As Treasury yields jumped, US stock-index futures marched ahead. Optimism abounded in markets on Thursday. Much higher than expected earnings from the technological companies and the Federal Reserve’s dovish statements strengthened investors’ faith that the US economy is healing fast. 

    Nasdaq 100 index contracts climbed, pushed higher by upbeat earnings reports published by Apple and Facebook. The 10-year rate celebrated the biggest weekly increase since March 19. The main gauge of commodities experienced the longest rally in more than three years. European markets opened well advanced in positive territory.  

    Chair Jerome Powell assured investors on Wednesday that there will be neither price surges nor labor shortage. President Joe Biden revealed a $1.8 trillion stimulus package targeted at American families. Both statements lifted investors’ spirits. 

    The Dollar Spot Index did not change much and set itself up for the biggest monthly loss since July 2020. The weaker dollar added to the strength of other currencies. Copper extended its fifth-day winning streak. Crude oil continued gaining, supported by OPEC’s confident outlook on demand. 

    In Asia, Hong Kong rose the most among other markets. In South Korea, Samsung Electronics suppressed analysts’ profit predictions. The Hang Seng advanced 0.8%. Markets in Japan were closed for holidays. 

    These are the main moves in markets traders should watch on Thursday:


    S&P 500 futures added 0.6% during the early hours in London. The Stoxx Europe 6– Index gained 0.5%. The FTSE advanced 0.66%, while the CAC in France rose 0.45%. The German DAX gave up 0.3%. The MSCI Asia Pacific Index soared 0.4%. The MSCI Emerging Market Index climbed 0.5%. 


    The euro did not change at $1.212. The British pound gained 0.2% to trade at $1.3964. The onshore yuan advanced 0.2% to trade at 6.468 per dollar. The Japanese yen shed 0.2% to 108.82 per dollar. AUD/USD changed hands at 0.7778. The USD/CAD pair was little changed, trading at 1.2308. USD/CHF remained unchanged at 0.9100. 


    West Texas Intermediate crude added 0.4% to $64.09 a barrel. Brent crude strengthened 0.4% to $67.54 a barrel. Gold inched 0.1% lower to trade at $1,779.65 an ounce. Silver gained 0.27% to $26.39 per ounce. Platinum soared 0.15% to $1,223.44. Copper extended its gains, jumping 0.87% and trading at $453.65. 


    The yield on 10-year Treasuries gained four basis points to 1.65%. The yield on two-year Treasuries advanced one basis point to 0.17%. Germany’s 10-year yield was one basis point up to -0.22%. Britain’s 10-year yield increased two basis points to 0.817%. Japan’s 10-year yield rose one basis point to 0.098%.

    Looking forward:

    Traders should follow this event on Thursday:

    U.S. GDP is forecast to show growth strengthened in the first quarter.

    Have a successful trading day!

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