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US stock index futures opened in the green, with bond sell-offs slowing. The S&P 500 futures rose by 0.5%, while the tech-heavy NASDAQ added around 0.8%. The US dollar index has also stabilized. In contrast, European indices dipped slightly after a positive start.
US Treasury bond yields dropped by four basis points. The bonds themselves rebounded after speculation that the Federal Reserve might maintain its tight policy into next year or even longer.
MUFG Bank Ltd believes that bond markets greatly influence the stock and currency markets, as well as the US economy. Their analytical note reads that "if yields continue to move higher, at some point relatively soon we will see even larger equity market declines and a hit to the main engine of the US economy – the consumer."
Meanwhile, oil prices have resumed their uptrend, surpassing $91 per barrel. This raises concerns about a potential spike in the Consumer Price Index in the late third and early fourth quarters of this year. Recent consumer sentiment data, which dropped to 103, only added fuel to the pressure on the stock market.
On Tuesday, Senate Democratic and Republican leaders agreed on a plan to keep the government running until mid-November. However, the plan still needs approval from the House of Representatives. Positive news post-vote could help counter the recent bearish trend observed in US indices.
As for the S&P 500, demand for the index remains weak. Bulls need to take control of $4,304 if they aim to halt the bearish momentum. From this level, they may drag the price to $4,332. Bulls also need to control $4,357, which would bring market equilibrium. If the price declines due to reduced risk appetite, bulls will have to protect $4,268. Breaking through this level, the index may plummet to $4,229 and $4,202.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
