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Higher Outlook For Stock Indexes

STOCK INDEX FUTURES

U.S. stock index futures are higher as investors await the next steps on a new fiscal stimulus package.

The 8:45 central time February PMI composite index is expected to be 57.9.

The 9:00 January existing home sales report is anticipated to be 6.6 million.

In recent weeks futures have shown a tendency to recover after bearish news.

CURRENCY FUTURES

The U.S. dollar is higher, and the euro currency is lower.

The British pound advanced after a report showed the U.K. services PMI increased to 49.7 in February, which well above the market expectation of 41.

The Japanese yen is higher after a report showed factory activity grew for the first time in 22 months and the private sector shrank at a slower pace.

The Australian dollar advanced to a 34-month high after Australia’s seasonally adjusted unemployment rate fell to 6.4% in January, which is the lowest jobless rate since April.

INTEREST RATE MARKET FUTURES

Thomas Barkin of the Federal Reserve this morning said, “It makes sense” for Federal Reserve policy to be fully accommodative.

Eric Rosengren of the Federal Reserve will speak at 10:00.

In light of the Federal Reserve pledging not to hike its fed funds rate until possibly 2023, futures at the short end of the curve are likely to hold steady.

The next Federal Open Market Committee meeting is scheduled for March 17.

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Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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