RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Indices

A Strong GDP Is Good to See

Posted 04/26/2019 9:19AM CT | Jeff Yasak

 U.S. stocks rebounded Friday morning after data revealed that the economy grew at a faster rate than anticipated during the first quarter.  The markets were trading considerably lower before the GDP release after poor earnings from Exxon Mobil and Intel.  According to CNBC, “First-quarter GDP expanded by 3.2% in the first quarter, the Bureau of Economic Analysis said in its initial read of the economy for that period. Economists polled by Dow Jones expected the U.S. economy increased by 2.5% in the first quarter. It was the first time since 2015 that first-quarter GDP topped 3%.” Exxon fell almost 3% after reporting their earnings in the premarket badly missing the expectations from the analysts.  Intel fell more than 7% after providing a weaker than expected revenue forecast for the year.  Aside from the U.S. GDP report, investors will be looking for a glimpse of consumer sentiment, when the University of Michigan releases its index at 10 AM (ET).

Today’s support is 291500 and 290500, with resistance checking in at 293700 and 294700.

E-Mini S&P 500 Jun ’19 Daily Chart

E-Mini S&P 500 Jun '19 Daily Chart

 

888-861-1656312-373-4966Series 3 Licensed

Jeff Yasak

Senior Market Strategist
Jeff studied finance at the University of Wisconsin-Madison and at Loyola University. He left the corporate world in 1995 to pursue his dream of working in the financial markets. Jeff's trading career began as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange. This is where he developed a great interest in the options market that led him to the retail futures business. Jeff spent a few years as a broker's assistant before managing clients of his own.
Read More