RJO FuturesCast

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U.S. Prepares Final China Trade Deal

Posted 03/01/2019 9:34AM CT | Jeff Yasak

Stock futures are looking strong on this first trading day of the month, the bullish outlook is based on continuing optimism in the U.S.-China trade deal.  It appears that trade negotiators are working on a final draft which could be signed in a few weeks.  There is a 150-page document being prepped, but Treasury Secretary, Steve Mnuchin, cautioned that there is “more work to do”.  Helping fuel the gains this morning were positive earnings reports and relatively tame inflation data. Gap Inc, Foot Locker, Puma, Novavax, and Funko all beat the streets estimates Friday morning.  The personal consumption expenditures (PCE) price index, one of the Feds preferred inflation measure, rose .02 % and 1.9% on a monthly and yearly basis which matched the analysts’ estimates.  Moderate inflation and slowing domestic economic growth will support the Fed’s patient stance on raising interest rates this year. Support today coming in at 2790 with some key resistance around 281500.

E-Mini S&P 500 Mar ’19 Daily Chart

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

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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.
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