(DAILY NOTION): Mixed Trends Spotted in SPX500, US30, And NAS100 Futures, Is It Precursor Of The Week Ahead?

NASDAQ 100 (as of Mar 8, 2021 at 12.30 p.m.)

Source: Yahoo Finance

SPX 500 (as of Mar 8, 2021 at 12.30 p.m.)

Source: Yahoo Finance

US30 (as of Mar 8, 2021 at 12.30 p.m.)

Source: Yahoo Finance

At the beginning of the brand-new week, the US30 futures rose 0.5% and the SPX500 futures increased 0.4%. However, the NAS100 futures remained stagnant, pointing towards the possibility that lacklustre performance from technology stocks could be dragged into this week.

On Friday, the U.S. nonfarm payrolls came in at 379,000, way above its expected forecast. The magnificent results led to a rise in the U.S. Dollar Index or DXY. Furthermore, the unemployment rate dropped by 0.1% to 6.2%.

The good news did not end there. The U.S. Senate then passed the highly anticipated $1.9 trillion Biden Stimulus Package, which now sits in the U.S. House before landing on President Biden’s desk to be signed into law. The U.S. Democrats have been aiming to beat the expiry of the unemployment benefits on March 14, less than a week away now.

Meanwhile, data from the U.S. Centres for Disease Control and Prevention (CDC) shows that a total of 16.3% of the U.S. population has received at least one dose of the vaccine while 8.4% of the population have received two doses, as of March 4, 2021. The data also reports that there was a 36% increase in the seven-day average number of administered vaccine doses. The Johnson and Johnson vaccine became the third vaccine in the U.S. after it was approved by the U.S. Food and Drug Administration (FDA) for emergency use.

The month of March has certainly seen a fair share of upbeat news for the U.S. Last week, Wall Street ended on a mixed note as the US30 gained 1.8%, the SPX500 increased 0.8%, while the NAS100 lost 2.1%. How will this week fare for Wall Street?

FOLLOWME User Sentiment (as of Mar 8, 2021 at 12.35 p.m.)

SPX500

Short – 71.15%

Long – 28.85%

NAS100

Short – 55.66%                

Long – 44.34%

US30

Short – 71.77%

Long – 28.23%