U.S. benchmarks are sharply lower, and we can’t say we’re surprised. Ultimately, the rebound that began late last week was contained by strong overhead resistance amid unenthusiastic volume. We’re certainly not overall bearish, although we’ve noted selling opportunities as of late.

The U.S. Dollar has legged to the lowest level since the February 25th reversal, powering commodities and risk assets once again. This would be the lowest close since the first trading week of the year for the U.S. Dollar Index. 

Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.

U.S. benchmarks pared some of Friday’s enthusiasm ahead of Monday’s opening bell. Last night, a deluge of economic data from China was in line with expectations, but generally underwhelmed, signaling the sharp pandemic rebound has dissipated.

The real inflation that everyone’s been yelling about has finally impacted a closely-watched economic indicator: CPI. With the Fed right again and again, why should we doubt their belief that such inflation will be transitory?

U.S. benchmarks are sharply off Friday’s closing levels, and this should come as no surprise. As we discussed, all too often we’ve seen Nonfarm Payroll gains dissipate at the onset of a new week.

Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.

Friday’s jobs report, or lack thereof, was a surprise to everyone. Many could’ve predicted a bad number, but not by nearly 900,000 jobs. Yes, when you combine April’s whiff and March’s revision, Friday’s Nonfarm Payroll report was the largest miss in history, by 858,000 jobs. 

The Dow set a fresh record high yesterday, whereas the Nasdaq is down 2.5% on the week and trading 4% from its record. As for the S&P, it’s trading slightly lower on the week, a blend of the 2.

We’ve been calling for a choppy start to May as the market digests April’s gains, and Monday’s soft close alluded to many investors broadly taking the same approach.