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Crude Oil Prices Soaring, S&P 500, Dow Jones Heading Higher

3 weeks ago
in Live
4 min read
Crude Oil Prices Soaring, S&P 500, Dow Jones Heading Higher
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Crude Oil , GBP, S&P 500 Analysis & News

  • Crude Oil Extending Gains
  • Risk Sentiment Firmer
  • GBP Hitting Key Levels

QUICK TAKE: Crude Oil Prices Crack $60, S&P 500, Dow Jones Heading Higher

Equities: A strong lead from Asia and Europe sees US futures comfortably in the green. The US Senate voted (51 vs 50) to pass budget measures to adopt the fast-track Biden stimulus plan, starting the reconciliation process. US Treasury Secretary Yellen further stoked the reflationary theme by arguing that the benefits of Biden’s stimulus plan to the economy outweighed the inflation risks. Elsewhere, an area I don’t focus on a great deal, but is worth mentioning, is Tesla announcing that they invested $1.5bln in Bitcoin in January and may start to accept Bitcoin as a form of payment soon, which in turn saw Bitcoin hit a fresh record high at 44,600. (Full report).

Euro Stoxx 50 Sector Breakdown

Outperformers: Basic Material (1.7%), Industrials (1.2%), Energy (1.0%)

Laggards: Utilities (flat), Consumer Staples (0.3%), Consumer Discretionary (0.6%)

US Futures: S&P 500 (2.1%), DJIA (2%), Nasdaq 100 (1.7%)

Intra-day FX Performance

Crude Oil Prices Soaring, S&P 500, Dow Jones Heading Higher - US Market Open

FX: Little to say about FX markets, which have gotten off to a rather slow start. GBP is on the back burners slightly with GBP/USD pulling back from the 1.3740-60 resistance area, while GBP/JPY rejected the 2020 peak at 144.95 (GBP levels to watch). The USD has managed to hold onto the 91.00 handle as short-squeeze risks remain. Reminder, that this had been evident in the latest COT report.

Commodities: Oil prices haves remained on the front foot with Brent crude futures hitting $60/bbl. Of note, over the weekend, US President Biden stated that the US will not lift sanctions to bring Iran to talks.

Looking ahead: DailyFX Calendar

Crude Oil Prices Soaring, S&P 500, Dow Jones Heading Higher - US Market Open





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