U.S benchmarks are set for a higher Quadruple Witching open, or ‘closing’ of the September futures and options contracts at the 8:30 am CT bell.
The Fed met expectations yesterday by cutting rates and although U.S benchmarks swung briefly in both directions, they are right where they were leading up to the policy decision. FOMC members poured cold water over the action by not forecasting additional cuts this year.
U.S benchmarks jumped to session highs on yesterday’s close and ahead of today’s big Fed decision. For the last two months, the Federal Reserve has been fully expected to cut rates with nearly a 100% probability.
U.S benchmarks are holding at least 1% from their near record-setting swing highs last week.
 U.S benchmarks are battling to pare losses after opening lower amid geopolitical shock due to the drone attacks Saturday on a Saudi Arabian oil facility. The Abqaiq facility is known to be the most important in the world.
Padding a stellar session yesterday, U.S benchmarks surged into the close and extended gains overnight to a high of 3020. In the Midday Market Minute, we pointed to the likeliness of our upside target at 3004 being achieved into the settlement and at the least ahead of today’s ECB policy announcement.
U.S benchmarks are on the positive side of flat this morning with Thursday’s ECB interest rate decision and U.S CPI data looming. First, price action spiked late last night after China published a list of products that won’t be subject to the 25% tariff.
U.S benchmarks have edged ever so slightly lower since yesterday’s peak. Major three-star support has buoyed the tape and although we’ve seen worsening economic data from China and Japan overnight, both the poor PPI and Machinery Orders respectively were anticipated.
U.S benchmarks are holding at the highest levels in more than a month. Friday’s Nonfarm Payroll report was mixed and despite heightened anticipation as usual, stronger than expected wage growth did not sour the week’s strength. Traders and investors alike continue to hold high hopes for U.S and China trade talks.
U.S benchmarks are looking to secure a weekly breakout from a month-long range. Risk-sentiment was boosted yesterday as the U.S and China jawboned an October meeting.