Futures indicate higher opening of US market after Mondays plunge

Dmitry Lukashov IFC Markets

Dollar weakening halts

US stock market suffered their biggest one-day percentage declines since 2008 on Monday in a session that started with plunge in oil and Asian indexes. Stocks closed off lows as President Trump proposed cuts to payroll taxes to alleviate coronavirus impact. The S&P 500 fell 7.6% to 2746.56. Dow Jones industrial sank 7.8% to 23851.02. The Nasdaq slumped 7.3% to 7950.68. The dollar weakening continued at faster pace yesterday: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, fell 1.0% to 95.09 but is higher currently. Futures on stock indexes point to higher openings today.

European stocks end in bear territory

European stocks ended in bear territory on Monday. The EUR/USD accelerated its climbing with GBP/USD gaining fifth session in a row continuing yesterday. Both pairs are lower currently. The Stoxx Europe 600 index lost 7% led by energy shares, ending down more than 20% from its recent high . The DAX 30 slumped 7.9% to 10625.02. France’s CAC 40 dropped 8.4% and UK’s FTSE 100 sank 7.7% to 5965.77.

Asian indexes recover led by Australia’s All Ordinaries Index

Asian stock indices are mostly higher today following Monday’s plunge. Nikkei recovered 0.9% to 19867.12 as yen’s climbing against the dollar reversed. Markets in China are rising: the Shanghai Composite Index is up 1.7 % and Hong Kong’s Hang Seng Index is 2.0% higher. Australia’s All Ordinaries Index rebounded 3.1% as Australian dollar continued its slide against the greenback.

Brent rebounds

Brent futures prices are rebounding today after Monday’s sharp drop. Prices ended sharply lower yesterday as traders bet Saudi Arabia entered a war with Russia for market share over the weekend as it cut its export prices for crude. May Brent crude closed 24.1% lower at $34.36 a barrel on Monday.

Gold slips as Dollar weakening reverses

Gold prices are edging lower today. April gold rose 0.2% to 1675.70 an ounce on Monday.

Want to get more free analytics? Open Demo Account now to get daily news and analytical materials.

Author

Dmitry Lukashov

IFC Markets

Dimtry Lukashov is the senior analyst of IFC Markets. He started his professional career in the financial market as a trader interested in stocks and obligations.

EUR/USD risks a deeper drop below 1.1750

EUR/USD keeps its vacillating mood in place as the the NA session drwas to a close on Tuesday, hovering below the 1.1800 hurdle amid acceptable gains in the US Dollar. In the meantime, market participants and the FX galaxy are expected to closely follow President Trump’s SOTU speech around 2AM GMT.

GBP/USD regains 1.3500 and above

GBP/USD extends its advance for the third day in a row on Tuesday, this time retesting the area beyond the 1.3500 hurdle. Cable’s uptick comes despite decent gains in the Greenback and the dovish message from the BoE’s Bailey at the UK Parliament.

Gold appears offered around $5,150

Gold is giving back a good portion of the recent multi-day rally, receding to the $5,150 zone per troy ounce amid the decent bounce in the US Dollar and mixed US Treasuty yields. In the meantime, markets’ attention remain on upcoming comments from Fed speakers.

Ripple’s DeFi shift in focus: Navigating XRPL EVM sidechain growth, XRPFi migration and liquidity

Ripple (XRP) has continued to trade under pressure, extending its decline by approximately 63% from the record high of $3.66 in July. The remittance token is trading above support at $1.35, while its upside appears limited by key supply zones, starting with $1.40, at the time of writing on Tuesday.

The Citrini report: How a debatable AI narrative can shake Wall Street

That AI-related headline alone was enough to rattle investors.US stocks slid sharply on Monday after a widely circulated Citrini Research memo outlined a hypothetical “2028 Global Intelligence Crisis”, warning that rapid AI adoption could push US unemployment into double digits as early as by mid-2028.

XRP pressured by weak ETF flows and declining retail interest

Ripple (XRP) is edging lower, trading above its intraday low of $1.32 at the time of writing on Tuesday. The decline from its weekly opening of $1.39 reflects heightened volatility in the broader cryptocurrency market, accentuated by tariff-triggered uncertainty.