The Japanese yen may have taken the spotlight during the session, but it’s time to forget about that for a while. US PCE price data will arrive later and this will be an important release to watch. After all, it’s the Fed’s preferred measure of inflation. And following the reaction to preliminary US Q1 GDP data yesterday, it’s clear that market participants continue to pay close attention to inflation data at the moment.
For now, stocks remain optimistic after Wall Street’s late rebound yesterday. Tech stocks are obviously in the lead, after profits outpaced those of Alphabet and Microsoft. S&P 500 futures are up 0.7% while Nasdaq futures are up 1.0%. Dow Jones futures are currently up just 0.2%. In Europe, the main indices are also up with the DAX up 0.7% and the CAC 40 up 0.3% on the day.
Stocks benefited from a slightly more stable performance this week. However, this does not detract from the rather mediocre overall performance in April. Sellers aren’t out of the picture yet and we’ll have to see later if the data gives them something to work with at the end of the week. The 100-day moving average (red line) of the S&P 500 is not very far away yet:
S&P 500 Index
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