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Headlines:US futures keep more muted awaiting big day aheadBig day coming up on the earnings calendar in Wall StreetGold extends the losses amid US-Iran stalemate, hawkish central banks. What’s next?Fed preview: focus on Powell’s final press conference as no policy change is expectedGerman states see slight uptick in headline inflation for AprilSpain April preliminary CPI +3.2% vs +3.4% y/y expectedEuro area economic climate worsens further in April as inflation expectations jumpMarkets:WTI crude breaks $100 mark, up 3.3% to $103.20S&P 500 futures up 0.1%, European indices down 0.2% to 0.5%USD steady, NZD lags on the dayUS 10-year yields up 0.8 bps to 4.361%Gold down 0.5% to $4,571Bitcoin up 1.5% to $77,609It was another tense session in Europe today as markets continue to be gripped awaiting further US-Iran developments.US president Trump warned of an “indefinite blockade” yesterday and told Iran to “get smart soon” overnight. Otherwise, he said that there will be “no more Mr. Nice Guy” with this picture of him attached to his tweet (yes, this is not a joke):Oil prices continue to ramp higher with WTI crude now firmly breaking the $100 mark on the day. We’re seeing price go up by over 3% to $103.20, as fear continues to grow that the stalemate on the Strait of Hormuz will play out for longer. Meanwhile, “front-month” Brent crude i.e. July contract is also seen up over 3% to $107.50 on the day.As for the overall risk mood, things are keeping on edge as US-Iran talks remain in limbo still. Wall Street will be eyeing key risk events on the economic calendar today though. The Fed meeting and big tech earnings are the two main things to watch out for. On the latter, we’ll be seeing Alphabet, Amazon, Meta, and Microsoft report earnings before Apple rounds things off tomorrow.S&P 500 futures are marginally up by 0.1% with Nasdaq futures up 0.2% on the day. In Europe, major indices are holding slight losses across the board.In other markets, the dollar is keeping steadier with EUR/USD hugging the 1.1700 level amid large option expiries. USD/JPY is up 0.1% to 159.83 while AUD/USD is down 0.3% to 0.7157 as the push and pull continues among major currencies.Looking to precious metals, gold is down 0.5% to $4,571 amid a more tepid risk mood with silver down 0.7% to $72.55 on the day.US-Iran headlines will still be the key driver of broader market sentiment but just be wary that there are other factors in play in US trading later, not to mention month-end shenanigans too.
This article was written by Justin Low at investinglive.com.
💡 DMK Insight
US futures are treading lightly ahead of a pivotal earnings day, and here’s why that matters: With major earnings reports on the horizon, traders are likely to see increased volatility as market participants react to the results. The muted sentiment reflects caution, especially with gold prices dropping amid geopolitical tensions and hawkish central bank signals. This environment could lead to significant price swings in equities, particularly in sectors heavily influenced by earnings, like tech and consumer goods. If companies report stronger-than-expected earnings, we might see a rally, but any disappointments could trigger a sell-off. Also, keep an eye on the Fed’s upcoming press conference. While no policy changes are expected, any hints from Powell about future rate hikes could shake up the markets. The slight uptick in German inflation adds another layer of complexity, potentially influencing European markets and the euro. Traders should monitor key levels in the S&P 500 and Nasdaq, as breaks below recent support could signal further downside risk. Watch for earnings surprises and Powell’s comments as catalysts for market movement.
📮 Takeaway
Watch for earnings results this week; a strong report could push the S&P 500 above key resistance, while a miss might trigger a sell-off below support levels.
