S&P 500 futures are moving higher in premarket trading as traders look ready to buy stocks at all-time high levels ahead of Jackson Hole Economic Symposium.
Markets look calm, and Treasury yields remain in a tight range. The U.S. dollar is flat against a broad basket of currencies. Yesterday, U.S. reported that Services PMI declined from 59.9 in July to 55.2 in August, but this report had no impact on market’s bullish sentiment.
Today, traders will have a chance to take a look at New Home Sales report for July. Analysts expect that New Home Sales declined by 2.7% month-over-month after declining by 6.6% in June.
WTI Oil Continues To Rebound As Traders Shrug Off Virus Worries
WTI oil is currently trying to get to the test of the $67 level as traders remain bullish after FDA granted full approval to Pfizer/BioNTech vaccine. The market expects that full approval will boost vaccination rates and reduce risks to oil demand. U.S. President Joe Biden has already urged companies to require their employees to get vaccinated.
Today, oil traders will also focus on the latest crude inventory data. API Crude Oil Stock Change report is projected to show that crude inventories declined by 2.37 million. In case the report indicates that crude inventories continue to decline at a healthy pace, oil may get additional support.
Gold Remains Stuck Near Key Resistance At $1800
Yesterday, gold mining stocks enjoyed a strong rebound as gold managed to get to the test of the $1800 level. Today, this rebound may continue as gold remains above the $1800 level, although it has failed to gain additional upside momentum.
A move above the $1800 level will signal that gold is ready to continue its rebound. In this scenario, gold may quickly get to the test of the next resistance level at $1830 which will be bullish for gold mining stocks.