US pre-open: Futures in the green following Juneteenth break
By Iain Gilbert
Date: Tuesday 21 Jun 2022
(Sharecast News) - Wall Street futures were firmly in the green ahead of the bell on Tuesday after traders took a break to mark the Juneteenth federal holiday.
As of 1220 BST, Dow Jones futures were up 1.66%, while S&P 500 and Nasdaq-100 futures had the indices opening 1.85% and 1.91% higher, respectively.
The Dow closed 38.29 points lower on Friday as fears of a potential economic slowdown continued to weigh on sentiment.
Energy prices were in focus prior to the open on Tuesday, with Brent crude futures trading 1.4% higher at $115.75 per barrel and West Texas Intermediate futures gaining 2.2% to $110.41 a barrel.
Cryptocurrencies also continued to draw an amount of investor attention, with Bitcoin falling to a new low for the year of $17,601.58 over the weekend before clawing its way back to over the $20,000 mark.
The yield on the benchmark 10-year Treasury note also moved slightly higher in pre-market trading to sit at 3.277%.
Markets.com's Neil Wilson said: "Generally positive start to trading for European equities as the rally off last week's lows continued early on Tuesday. US futures look firmly higher after yesterday's holiday for the cash equities. Not a lot on the slate today in terms of economic data, focus on US existing home sales. Crude prices firmed up again on the improved risk sentiment. And after US bond markets were closed yesterday, the 10yr Treasury yield moved higher this morning as European debt markets struggled. Crypto markets firmed up with Bitcoin holding the 78.6% retracement of the 2020-21 rally."
The Federal Reserve will also be in focus throughout the week, with chairman Jerome Powell beginning his Congressional testimony on Wednesday.
On the macro front, the Chicago Fed's national activity index for May will be published at 1330 BST, while last month's existing home sales data will follow at 1500 BST.
In the corporate space, La-Z Boy will report earnings after the close.
Reporting by Iain Gilbert at Sharecast.com
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