S&P 500 futures are gaining some ground in premarket trading as traders stay bullish on stocks ahead of the release of key inflation data on Thursday.
There are no market-moving reports scheduled to be released on Tuesday and Wednesday, although traders will take a look at trade balance data and JOLTs Job Openings report today.
Treasury yields are moving lower which means that bond traders stay confident ahead of the inflation report. The yield of 10-year Treasuries managed to settle below the 50 EMA at 1.58% and is currently trying to settle below 1.53%.
Lower yields are bullish for tech stocks which are moving higher in premarket trading despite the recent G7 tax deal which is aimed at tech giants.
WTI Oil Pulls Back After Facing Resistance At $70
WTI oil failed to settle above the resistance at $70 and pulled back below the $69 level. There is no clear catalyst for the move, and it looks that traders decided to take some profits off the table.
Today, oil traders will focus on API Crude Oil Stock Change report which is expected to show that crude inventories declined by 3.58 million barrels. In case crude inventories keep moving lower, oil will have a good chance to get above the $70 level as OPEC+ deal continues to support the market while oil demand is rising due to the rebound of the world economy.
Crypto Market Is Under Pressure As Bitcoin Breaks Below Key Support At $35,000
Falling yields and general bullish mood on many markets failed to provide any support to cryptocurrencies which continue to move lower. Bitcoin managed to settle below the key support at $35,000 and is trying to develop additional downside momentum.
At this point, it is not clear whether the continuation of the current downside move in crypto markets will be bullish for stocks as crypto traders may be reluctant to transfer funds to the stock market, but stock traders should still keep an eye on the developments in crypto markets.