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Vladimir Zernov
U.S. Stock Market

S&P 500 Little Changed After Yesterday’s Rally

S&P 500 futures are mixed in premarket trading after yesterday’s major upside move.

The health condition of U.S. President Donald Trump improved, and he returned to the White House. However, stocks may need to find additional catalysts to continue their upside move today.

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The U.S. will provide Exports and Imports data for August, but these reports have little influence on near-term stock price dynamics.

On Wednesday, traders will focus on FOMC Minutes which will provide additional insight on Fed’s thoughts about the state of the economy and the future trajectory of interest rates. Until then, stocks will remain in the hands of general market sentiment.

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Oil Tries To Settle Above The $40 Level

Oil ignored the latest news from Europe and rallied above the psychologically important $40 level. The supply disruption due to a strike in Norway is the key reason behind the current upside move.

The current market mood is bullish so oil traders shrugged off news about additional restrictions in France and Spain. Meanwhile, Scotland is expected to have a two-week mini lockdown starting from Friday to deal with the recent surge in the number of new coronavirus cases.

At this point, oil traders believe that new restrictions will not put too much pressure on oil demand recovery. This sentiment may push oil-related stocks higher after a strong start of the week.

U.S. Dollar Searches For Direction After Yesterday’s Downside Move

U.S. Dollar Index managed to get below 93.50 but failed to gain additional downside momentum as demand for riskier assets was limited after yesterday’s big moves in global markets.

Precious metals, which are useful indicators of market sentiment, are also little changed today. Gold is trading just above the 20 EMA at $1910 while silver is trying to get to the test of its 50 EMA at $24.65.

Today, stock traders could benefit from watching the dollar’s moves in absence of other material catalysts. The direction of the U.S. currency will show whether the market’s risk appetite continues to increase. If that’s the case, the U.S. dollar will head lower.

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

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