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On Friday, US stock index futures continued to rise on yesterday's US inflation data as well as news that China eased some Covid-related restrictions.
Futures contracts on the S&P 500 and Nasdaq 100 indices were up at least 0.5% each. The Dow Jones Industrial Average index showed a more modest gain. European stocks are also trading in the green area. The US dollar is currently showing the longest weekly losing streak against some risky assets.
Risk appetite returned to global markets after the US recorded a sharper-than-expected fall in inflation yesterday. This improved prospects for a more dovish monetary policy bias by the Fed. However, some experts warn that such expectations are misplaced in the current situation, as the central bank will not consider its job done until inflation reaches the 2% target, well below October's 7.7%. With price growth slowing in categories such as food, clothing, and automobiles, it is expected that the fastest price growth in forty years may begin to decline. As it is noted above, this gives the US central bank enough confidence to begin easing aggressive interest rate hikes next year, assuming the trend continues.
Despite market optimism, the Fed will continue to limit inflationary pressures and will want to make sure that prices will continue to decline over the next few months before considering a more dovish stance.
Dallas Fed President Lorie Logan said that a slowdown might be appropriate in the near future but economic conditions needed to be evaluated before that could happen. San Francisco Fed President Mary Daly said that lower prices were good news but noted that future performance was far more important.
The European Stoxx 600 index rose for the second straight day, bringing its weekly gain to 3.7%. This is the first time in a year that the indicator has closed with gains for four weeks in a row.
In the premarket, Pinduoduo Inc. and JD.com Inc. jumped by 5% each, boosting US-listed Chinese stocks amid growing investor optimism that Beijing is on track to end its Covid Zero policy.
As for the S&P 500 index, after yesterday's rise, bulls continue to drag the price up. Now they need to protect the support of $3,968. As long as the instrument is trading above this level, we can expect the demand for risky assets to persist, especially, after the strong US data. It may strengthen the trading instrument and return the level of $4,003 under control. The level of $4,038 is located slightly higher. If the price breaks through this level, it is likely to strengthen the hope for a further upward correction to the resistance of $4,064. The next target is located near $4,091. If the index declines, bulls will have to show some activity near $3,968. If this level is pierced, the price may drop to $3,942, opening the way to new a support level of $3,905.
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