Morning Impact: Futures 4/25/24
Equity Indices, Treasuries, FX, Metals, Energy, Ags, Softs and Crypto
🌍 World Equity Indices Cash and US Index Futures
Asia passed a mixed, but net negative session. The Nikkei (-2.16%) slipped back toward it’s correction lows. The Kospi (-1.76%) similarly turned toward a return to last week’s support. Hang Seng (+0.48%) pushed to fresh three month highs, while Shanghai Comp (+0.27%) again held steady within it’s consolidation; we’ll consider that a win for now when considering Western index struggles. In Europe, FTSE (+0.48%) again outperformed to fresh trend highs while, while DAX (-0.95%) tuned back toward correction. The sunrise North American calls we decently lower across the board, accelerating into the New York open.
The equity index futures faced a significant pullback into the opening, following the 8:30 economic reports, with each index retreating from their recent reactive bounces. The Mini DJIA (Jun-2024) fell by 437 points to 38,243, a decline of -1.13%. Similarly, the E-mini S&P 500 (Jun-2024) dropped by 64.50 points to 5,043.00, representing a -1.26% decrease. The E-mini Nasdaq 100 (Jun-2024) saw a sharp decrease of 291.75 points to 17,372.75, translating to a -1.65% fall, while the E-mini Russell 2000 (Jun-2024) also declined by 25.40 points to 1,981.40, a -1.27% downturn.
These declines suggest that the buying observed in recent days was largely driven by
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