|Day's Range||5,496.54 - 5,521.81|
|52 Week Range||4,555.99 - 5,601.38|
President Trump tweeted Tuesday that the European Central Bank is "unfairly" devaluing its currency by hinting at lower rates, indirectly challenging the Federal Reserve to do the same.
Futures point to another slow start to the day. With all eyes on the FED and no material stats to distract, it could be a testy day ahead.
The futures market is pointing to a mixed start to the day. Negative sentiment towards the ongoing trade war continues to limit the upside for the majors.
Global markets are mixed as geopolitical tensions mounts, Trump prepares to hike tariffs, and the FOMC meeting comes into sharp focus.
Economic data is on the lighter side going into the weekend. U.S retail sales could spoil the party, as the futures point to a positive open.
It’s looking a bit bearish for the day ahead. Trade war tension continues to linger, which could test investor resilience on the day.
With Germany on holiday today, it will be down to the CAC40 to follow the Asian majors into positive territory later this morning.
It’s a busy day ahead. While any chatter on trade will move the majors, Draghi and economic data out of Germany are also there to consider.
The German benchmark’s outperformance in Europe this year could be at risk if the U.S.-China trade war escalates, Barclays strategists wrote in a note on Wednesday, closing their overweight rating on the index and recommending that investors switch to France’s CAC 40 Index. China is Germany’s biggest trade partner outside Europe, and the carmaker-heavy DAX was particularly prone to swings in May on headlines about potential U.S. levies on the automobile industry. France has more diversified exposure to sectors and regions, according to Barclays strategists led by Emmanuel Cau.
The European majors found support from FED Chair Powell and the willingness of China to return to the negotiating table. The day ahead could get choppy.
Stocks marched sharply higher on Wall Street in afternoon trading Tuesday after the head of the Federal Reserve signaled that the central bank is prepared to cut interest rates to sustain U.S. economic growth. Fresh optimism about the possibility that the U.S. and Mexico will swiftly reach a trade deal also helped lift the market. Technology stocks led the broad rally, which sent the Dow Jones Industrial Average more than 450 points higher and had the S&P 500 on track for its best day since early January.
President Trump is in the midst of his three day state visit to the United Kingdom, meeting with Prime Minister Theresa May earlier to discuss a possible trade deal between the U.S. and the U.K. Panmure Gordon Chief Economist Simon French joins Yahoo Finance's Adam Shapiro, Julie Hyman, Sibile Marcellus, and Bruderman Asset Management Chief Market Strategist Oliver Pursche over the phone to discuss.