S&P 500 and Nasdaq Futures trade near the flat line while their EU counterparts are in the red 0.5% on average this morning, that’s after strong gains last week, sending investors into profit taking mode early Monday. The Nasdaq is trading this morning just 5% from all-time highs levels reached 13 weeks ago and the S&P 500 is lagging the Nasdaq by only 5%. Asian markets traded a mixed session overnight, led by the NIKKEI, up 1.12% on the day. The dollar is trading sharply higher versus majors this morning, that’s after a pullback following the weak NFP numbers Friday morning and investors fear of emerging markets troubled corona recovery. The dollar index is at 99.99 this morning, up 0.38%. Gold and Silver are lower on the stronger dollar, Gold is trading at $1,703 per ounce, down 0.6% and Silver trades at $15.65, down 0.09%. Oil is lower this morning after Goldman Sachs predicts a rough demand recovery for jet fuel following the coronavirus crisis and expects a 6% drop in global demand this year versus 2019, 94 million barrels per day versus 100 million last year and demand to not fully normalize until mid-2022. Oil is down 2.2% this morning, trading at $24.2 per barrel.
There is no important news on the agenda Monday, (all times GMT).
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OIL and Gold are lower this morning on profit taking in commodities and a stronger dollar, as investors fear a rough recovery in emerging markets following the Covid-19 crisis.
Nasdaq futures are pointing marginally lower this morning as investors applaud the array of better than expected earnings season, a 5-day rally last week and a pullback to within 5% from all-time highs.
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