S&P 500 futures are up roughly 1% on the day and that’s keeping the market mood in a better spot to start the new week. Tech shares are leading the way after arresting four consecutive weeks of declines in trading last week. Are dip buyers set for a continued rebound this week?
S&P 500 futures
It’s going to be a tricky one especially with the countdown ahead of the 2 April reciprocal tariffs. The latest headline over the weekend here is more optimistic at the balance. However, you can bet Trump will want to talk up a big game in the next few days and that could still cause some hiccups along the way.
European indices might have gotten off to a strong start but they are fading gains a little on the session thus far. The DAX is now up just 0.3% with the CAC 40 only up 0.2% currently. It’ll be a tricky one for European indices with tariffs in focus.
The dollar is slightly lower at the margin, with EUR/USD up 0.2% to 1.0830 though price action is trapped by large option expiries. USD/JPY is up 0.2% to 149.60 but the dollar is down slightly elsewhere across the board.
GBP/USD is up 0.2% to 1.2950 and USD/CAD down 0.1% to 1.4335 currently. Meanwhile, AUD/USD is seen up 0.4% to 0.6293 at the moment.
Besides the focus on tariffs, month-end and quarter-end will also slowly come into focus in the week ahead. That will potentially offer up a bit of a trickier story for broader markets in the days ahead as well.
But as always, the technicals are the best indicator to try and make sense of all of that. And for now, the better risk mood points to US stocks looking to break the negative momentum to start the new week. That as the S&P 500 looks poised to firmly test waters above its 100-hour moving average for the first time this month:
S&P 500 index hourly chart
