Stocks Move Closer To All-Time High Levels

Dovish Fed Supports Markets

S&P 500 futures are gaining ground in premarket trading as market mood remains bullish after additional dovish comments from Fed officials.

Fed officials have repeatedly promised to keep economic support at current levels after the surprising U.S. inflation report. Their efforts were successful as the yield of 10-year Treasuries is currently trying to settle below the 1.60% level after testing the 1.70% level after the release of inflation data.

Lower yields are bullish for tech stocks, but the current upside move looks broad-based as many stocks from different market segments enjoy investor support. S&P 500 is already close to all-time high levels, and it can gain additional upside momentum if it gets to new highs.

Housing Market Data And Consumer Confidence Report Are In Focus Today

Today, traders will have a chance to take a look at Case-Shiller Home Price report for March. The report is projected to show that house prices increased by 0.9% month-over-month in March after growing by 1.2% in February. On a year-over-year basis, house prices are projected to grow by 12.3%.

Traders will also evaluate CB Consumer Confidence report for May and New Home Sales data for April. Analysts expect that Consumer Confidence declined from 121.7 in April to 119.2 in May. New Home Sales are projected to decline by 10% month-over-month in April after growing by 20.7% in March.

Crypto Market Moves Lower After Bitcoin Fails To Settle Above The $40,000 Level

Today, Bitcoin made an attempt to settle above the $40,000 level but failed to develop sufficient upside momentum and pulled back.

Elon Musk has recently discussed the use of renewable energy in Bitcoin mining with some miners, and this meeting has initially served as a bullish catalyst for cryptocurrencies. However, it looks that the market mood has changed, and some crypto market enthusiasts are worried that such meetings are a threat to the decentralized nature of cryptocurrencies.

Meanwhile, the recent sell-off in the crypto market may serve as a bullish catalyst for gold, which is trying to get to the test of the $1900 level. If gold manages to settle above this level, it will gain upside momentum which will be bullish for gold mining stocks.

For a look at all of today’s economic events, check out our economic calendar.