US S&P 500 futures are lower by 0.45% this morning, Nasdaq futures are down 0.13% and EU markets are trading lower by 0.51% for the EURSX50 and by 0.6% for the German DAX, both pulling back on Covid-19 lockdown extensions. Overnight, Asian markets closed mainly in the red following the pullback in US futures overnight. US markets will brace for Fed Chairman Powell Congress testimony, at 12:00 noon. The NIKKEI closed lower by 0.61% and the CSI 300 lost 0.95%. The dollar index is higher this morning, trading at 92.11 versus majors, up 0.38%. Gold and Silver are trading marginally lower on the stronger dollar, Gold is at $1,736 per ounce, down 0.1% and Silver trades at $25.38 per ounce, down 0.68%. Oil is trading sharply lower this morning, losing 3.55% and trading below the $60 level, at $59.55, following increased fears that the rollout of the vaccine in Europe is very slow and will temper the economic recovery, and demand concerns are rising on signs of oversupply near term. The US inventories numbers set to be released tomorrow will shed more clarity on demand and prices near term.
US New Home Sales at 10:00 am and Fed Chairman Powell Congress testimony at 12:00 noon, are the important news on the agenda Tuesday, (all times EST).
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Oil is sharply lower this morning on demand worries following the weak vaccine rollout in the EU area.
Fed Chairman Congress testimony at 12:00 noon today is key for more technology gains following yesterday strong close.
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