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The session started with a more tepid mood but we’re seeing a more risk-on tilt start to develop again now. European stocks are holding modest gains since the open while US futures continue to push up after the record closes in the S&P 500 and Nasdaq yesterday. Of note, S&P 500 futures are up 0.3% while Nasdaq futures are up 0.4% on the day now.The ball just keeps rolling.While the broader market mood is driven by hopeful optimism on the US-Iran conflict, AI optimism is also helping to drive further gains in US equities this week.Memory chipmaker, Micron, is one that stands out after seeing its market value exceed $1 trillion for the first time. But overall, tech shares are doing well following a strong earnings season in Q1. That led to more analysts revising their calls to be more bullish on US stocks for the year ahead.Goldman Sachs is the latest to raise their year-end forecast for the S&P 500 to 8,000 from 7,600 previously. But last week, we also saw Morgan Stanley and UBS Global Wealth Management make similar calls here.And the more bullish calls/changes are building up investor confidence in the market, especially as US-Iran risks appear to be fading.All that being said, just be wary that a lot of optimism on a framework agreement is being baked in. But if the details fail to match up to what is hoped for, we could end up with a buy the rumour, sell the fact situation.That especially if the puzzle pieces for a big picture deal don’t fit at the end of the day.
This article was written by Justin Low at investinglive.com.
💡 DMK Insight
The shift to a risk-on sentiment is crucial for traders right now, especially after record closes in the S&P 500 and Nasdaq. With European stocks holding modest gains and US futures pushing higher, this momentum could signal a broader market rally. Traders should keep an eye on key technical levels in the S&P 500, particularly if it approaches previous resistance points. This risk-on environment might also influence correlated assets like cryptocurrencies, which often follow equity trends. However, it’s worth noting that this optimism could be short-lived if economic data later in the week disappoints, so monitoring upcoming reports will be essential. Watch for any shifts in sentiment that could lead to volatility, especially if the S&P 500 tests significant levels. A pullback could present buying opportunities for swing traders, but caution is warranted as the market adjusts to new data.
📮 Takeaway
Keep an eye on the S&P 500’s resistance levels; a breakout could fuel further gains across equities and crypto, while any economic data surprises could trigger volatility.
