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Following the most recent regular session, U.S. stock indices closed lower. The S&P 500 fell by 0.67%, while the Nasdaq 100 lost 1.00%. The industrial Dow Jones dropped by 0.61%. Yesterday, markets were closed for a holiday, and only futures were traded.
Today, during Asian trading hours, futures on the S&P 500 and Nasdaq 100 jumped by 1%, maintaining their gains after Monday's holiday. This rally followed President Donald Trump's decision to extend the deadline for imposing aggressive tariffs on eurozone countries, granting a delay of more than a month. Futures on European indices slipped slightly, while Asian stocks rose, recovering earlier losses from the same day.
Bond markets advanced after Japan signaled its intent to stabilize its debt market following weeks of sell-offs. The U.S. dollar also regained some ground.
The yield on Japan's 20-year government bonds dropped by 19.5 basis points after the country's Ministry of Finance asked market participants to provide input on the appropriate issuance volume of government bonds. Japan's actions indicate an attempt to stabilize a market where bond sales had pushed yields to record highs. According to media reports, the Ministry's survey also requested comments on the current market situation—an unusual move given its timing and the broad range of recipients.
The yield on 10-year U.S. Treasuries also fell by five basis points. Yields on long-term government bonds in Australia, New Zealand, and other countries declined as investors reacted to the news.
As for Trump's trade policy, recent analysis from economists suggests that his tariff threats pose a risk of increasing the U.S. budget deficit—most negatively impacting the dollar by reducing its attractiveness. Investors are also preparing for the Federal Reserve's preferred inflation gauge—the Personal Consumption Expenditures (PCE) Price Index—due at the end of the week. April's figure is expected to rise by 0.1% based on consensus forecasts. This could prompt the Fed to seriously consider cutting interest rates in the fall.
Technical Outlook for the S&P 500
The key task for buyers today will be to break through the nearest resistance level at $5877. This would signal further growth and open the way toward a push to the next level at $5897. Equally important for the bulls will be holding $5915, which would further strengthen buyer positions.
In the event of a downward move due to weakening risk appetite, buyers must step in near the $5854 level. A break below this level would quickly push the instrument back down to $5833 and open the path to $5812.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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