US Stock Futures Remain Steady, Nasdaq 100 and S&P 500 Close 1% Higher

US Stock Futures Remain Unchanged

US stock futures remained flat after the S&P 500 and Nasdaq 100 both closed 1% higher on Monday. This was largely due to growing optimism among investors that the economy is finally slowing down, which has led to earlier rate cuts by the Federal Reserve. As of 8:00am ET, S&P futures remained unchanged at 5,206, trading about 1% above its 50DMA, while Nasdaq futures were down 0.2%.

European Stocks Rise, Japanese and UK Indexes Catch Up

European stocks are on the rise, while indexes in Japan and the UK are catching up after being closed for holidays yesterday. Shares in Swiss bank UBS jumped after it returned to profit and showed more progress in its integration of Credit Suisse. Treasuries rise, with US 10-year yields falling 3bps to 4.46%. The Bloomberg Dollar Spot Index rises 0.1%. The yen weakens 0.4% against the greenback, pushing USD/JPY up to ~154.50. The Aussie falls 0.4% after the RBA kept rates on hold and maintained a neutral stance. Oil prices advance, with WTI rising 0.3% to trade near $78.70. Spot gold falls 0.4% and bitcoin traded in a range around $64,000 with the now daily European open/US slam down pattern.

Premarket Trading: Disney Reports Fiscal Second-Quarter Profit

In premarket trading, Disney reported a fiscal second-quarter profit that beat estimates, thanks to sharply narrower losses in its streaming TV business and higher ticket prices at theme parks. However, the stock tumbled 6% after the company reported fewer subscribers to its Disney+ streaming service in the fiscal second quarter than analysts had projected. Other notable US movers before the opening bell include Celsius, Coherent, Datadog, Esperion Therapeutics, Fidelity National Information Services, Gap, Hims & Hers Health, Lucid, Oscar Health, Palantir, Symbotic, Vimeo, and Zeta.

Fed's Kashkari Scheduled to Speak Twice

US economic data slate includes March consumer credit at 3pm, while Fed's Kashkari is scheduled to speak twice (11:30am, 1:20pm).

Final Thoughts

As the week continues, it will be interesting to see how the market responds to the upcoming economic data and Fed speeches. Will the optimism among investors continue or will there be a shift in sentiment? Share your thoughts on this article and don't forget to share it with your friends. Sign up for the Daily Briefing which is everyday at 6pm for more updates on the market.