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U.S. equity index futures slightly red: Dow off ~0.3%
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Euro STOXX 600 index declines ~0.4%
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Dollar, gold edge up; bitcoin gains; crude falls
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U.S. 10-Year Treasury yield edges down to ~3.55%
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NASDAQ COMPOSITE: ONE TOUGH CEILING (0900 EDT/1300 GMT) Like the S&P 500 index , the Nasdaq Composite is bumping up against levels that have proven to be especially strong resistance:
In September of last year, the Composite put in a high at 12,270.189. After hitting new lows later in the year, the IXIC then rallied into an early February 2023 high at 12,269.555. Thus, the Composite stalled less than one point from its September high, before then suffering another sharp setback into mid-March. A subsequent recovery continues to be capped by the September 2022 high. Over the past five weeks or so, strength has continued to peter out on an approach of the September ceiling. The weekly highs have been 12,228, 12,225, 12,206, 12,245, and 12,228. On Monday, the Composite's high was at 12,261.318 before it settled back to end at 12,212.598. Given that this week will bring the results of a critical FOMC meeting, Apple's quarterly results and the latest non-farm payroll report, traders will be focused on whether the Composite can break through the ceiling, potentially clearing the way for further gains, or if it will once again fail, putting the index at risk for another downdraft.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
