This morning, the S&P 500 Index e-mini futures (ES-U3) are trading higher by 8.00 points to 1589.50 per contract. It seems that the markets are catching a bid ahead of the opening bell as China stabilizes and U.S. bond yields pullback. Last night, the Chinese Shanghai Composite finished lower by 0.43 percent. Many traders are watching the large bottoming tail in the Shanghai Composite daily chart to lead to a near term bounce in the highly followed index.
The U.S. GDP rose by 1.8 percent according to the Commerce Department, economists expected an increase of 2.4 percent. Rarely will the GDP number have a major affect on the stock market. Interest rates on the 10-year U.S. Treasury are the real driving force behind stock prices at this time. Simply put, if yields decline stocks should rise and vice versa. The most important charts that any trader can follow right now are the iShares Barclays 7-10 Year Treasury Bond Fund (IEF), and the iShares Barclays 20+ Yr Treas.Bond (ETF) (TLT).
Below you may find the video.
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Today's Fed Talk, GDP, China, And Gold Equal Opportunity
Published 06/26/2013, 01:30 AM
Updated 07/09/2023, 06:31 AM
Today's Fed Talk, GDP, China, And Gold Equal Opportunity
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Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
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