Three Factors Supporting This Market
What’s in Today’s Report:
- Three Factors Supporting This Market
- Weekly Economic Outlook – All Eyes on Inflation Data
Markets are trading with a tentative risk-on/”war-off” tone with U.S. equity futures modestly higher while oil prices are well off overnight highs thanks to hopes a last-minute ceasefire deal with be struck between the U.S. and Iran.
Geopolitically, President Trump reiterated threats to strike Iran’s civilian energy infrastructure if a ceasefire deal is not struck by an 8 p.m. ET deadline Tuesday.
However, Axios reported progress towards a 45-day ceasefire deal overnight which is bolstering hopes for a last-minute U.S.-Iran deal after military strikes persisted over the weekend with multiple U.S. aircraft notably being shot down by Iran.
There were no noteworthy economic reports overnight.
Today, geopolitical headlines will remain the primary market focus and any signs that a ceasefire deal is likely to be agreed upon between the U.S. and Iran has the potential to spark a continued relief rally, extending last week’s gains in equity markets.
There is however, one notable domestic economic report to watch, the ISM Services PMI (E: 55.4) and one Fed official scheduled to speak: Barr (9:10 a.m. ET) which traders will keep tabs on as they return to the desk after the long Easter weekend.
Sevens Report Quarterly Letter
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