The S&P 500 and Nasdaq 100 futures are opening the trading week trading marginally higher, up 0.55% for the S&P 500, following last week pullback in the leading indexes, led by a 2.42% pullback in the Nasdaq100 and a deep selloff in the Chinese listed stocks that continued this morning in the Hang Seng index, down 1.76% overnight. The US dollar continues to show strength versus majors and is trading at 96.25, up nearly 3%, over the last month, suggesting the move to safe heavens hasn’t peaked. EU markets are following US futures int the green this morning. The EURSX50 is up 0.75% and the DAX is up 0.9% as omicron fears subside. Oil prices are sharply higher after a gap up over the weekend as Saudi Arabia raise its target price for Asia and US by 0.8$ from November prices. Gold is trading at $1,778 per ounce this morning, just bellow the flat line as investors watch safe heavens and Bitcoin, down sharply over the weekend thin trading. After diving 17% to the $42K level in a matter of 24 hours on Friday on omicron and global equities pullback, prices are back to bellow the $50K resistance this morning.
Weekly news listed according to importance to US markets: Friday Dec 10, at 8:30 am, US CPI, Wednesday Dec 8, at 10:30 am, Oil Inventories. Overall, a very thin news agenda this week into the year-end holiday season.
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US futures are higher following Friday weak close as omicron fears subside.
OIL trades sharply higher this morning following Saudi Arabia price increase over the weekend.
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