S&P 500 SPX Day Ahead Outlook: Biden boosts, Fed favours, stocks surge
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UNLOCK OFFERHere is what you need to know on Thursday, April 8:
Stocks continue to remain near or at record highs as politicians and Fed officials remain on point for bulls. President Biden is open to negotiation on the corporate tax rate, and Fed minutes show no hawks need apply. The market duly took its cue, and S&P futures posted a record high overnight. Yields are remaining subdued with the 10-year at 1.66%. Some hawks are stretching, such as the ECB's Ollie Rehn, who says it might be time to reconsider monetary policy. Ukraine might also put some headwinds in the way of bulls as Russia talks of defending its citizens.
The dollar remains weaker with EUR/USD trading just below 1.1900, while Oil is little changed at $59.41. Gold is up slightly at $1,748. Bitcoin takes back some of Wednesday's losses and is up 1.55%.
European markets are higher: FTSE +0.2%, EuroStoxx +0.1%, and Dax +0.1%.
US futures also all in the green: Nasdaq +0.8%, Dow +0.1%, and S&P 500 +0.3%.
S&P 500 top news
US Jobless Claims are higher than the forecast, 744k versus 680k.
Russia says it will be forced to defend its citizens in eastern Ukraine depending on the scale of the conflict. The start of conflict would mark the beginning of the end for Ukraine, TASS.
President Biden is to unveil executive actions related to gun violence on Thursday.
President Biden may be open to negotiation on the 28% tax rate to pay for the infrastructure plan.
Fed Chair Jerome Powell speaks at the IMF event at 12 EST/5GMT.
GameStop will name Ryan Cohen as chairman. Shares up 3% pre-market.
Palantir shares get further purchase by ARK Invest.
Conagra Brands just beats estimates.
Costco sees a rise in sales for March of 16%.
Apple is delaying some production due to a shortage of chips.
Twitter looked at buying Clubhouse according to Bloomberg.
Uber will launch a $250 million driver stimulus effort to bring back drivers who left due to the pandemic.
General Motors is trying out new ways to make battery costs cheaper.
Ups and downs
WW International: Morgan Stanley downgrades.
Costco: Deutsche Bank, Stifel, Wells Fargo, Goldman and Oppenheimer raise price target.
DELL: Morgan Stanley raises price target.
Williams Sonoma: Cowen & Co initiates as outperform.
Economic releases
At the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page.
Errors and omissions excepted.
Here is what you need to know on Thursday, April 8:
Stocks continue to remain near or at record highs as politicians and Fed officials remain on point for bulls. President Biden is open to negotiation on the corporate tax rate, and Fed minutes show no hawks need apply. The market duly took its cue, and S&P futures posted a record high overnight. Yields are remaining subdued with the 10-year at 1.66%. Some hawks are stretching, such as the ECB's Ollie Rehn, who says it might be time to reconsider monetary policy. Ukraine might also put some headwinds in the way of bulls as Russia talks of defending its citizens.
The dollar remains weaker with EUR/USD trading just below 1.1900, while Oil is little changed at $59.41. Gold is up slightly at $1,748. Bitcoin takes back some of Wednesday's losses and is up 1.55%.
European markets are higher: FTSE +0.2%, EuroStoxx +0.1%, and Dax +0.1%.
US futures also all in the green: Nasdaq +0.8%, Dow +0.1%, and S&P 500 +0.3%.
S&P 500 top news
US Jobless Claims are higher than the forecast, 744k versus 680k.
Russia says it will be forced to defend its citizens in eastern Ukraine depending on the scale of the conflict. The start of conflict would mark the beginning of the end for Ukraine, TASS.
President Biden is to unveil executive actions related to gun violence on Thursday.
President Biden may be open to negotiation on the 28% tax rate to pay for the infrastructure plan.
Fed Chair Jerome Powell speaks at the IMF event at 12 EST/5GMT.
GameStop will name Ryan Cohen as chairman. Shares up 3% pre-market.
Palantir shares get further purchase by ARK Invest.
Conagra Brands just beats estimates.
Costco sees a rise in sales for March of 16%.
Apple is delaying some production due to a shortage of chips.
Twitter looked at buying Clubhouse according to Bloomberg.
Uber will launch a $250 million driver stimulus effort to bring back drivers who left due to the pandemic.
General Motors is trying out new ways to make battery costs cheaper.
Ups and downs
WW International: Morgan Stanley downgrades.
Costco: Deutsche Bank, Stifel, Wells Fargo, Goldman and Oppenheimer raise price target.
DELL: Morgan Stanley raises price target.
Williams Sonoma: Cowen & Co initiates as outperform.
Economic releases
At the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page.
Errors and omissions excepted.
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