US Stocks Set for a Rebound
Despite soft durable-goods orders data, major US equity indices futures
are pointing to a higher opening on Tuesday with modest gains of around
S&P 500 future gained 3.5 points while Dow Jones Industrial Average future rose around 30 points. Nasdaq-100 future added 4 points.
Weak economic data
US durable goods orders for the month of March came-in below consensus estimates, printing 0.8% growth in durable goods orders vs expectation of 1.9% and core durable goods orders (excluding transportation items) recording a drop of -0.2% against the expected growth of 0.6%.
Investors to refrain from creating big bets
As the FOMC begins its two-day meeting today, central bank monetary policy decisions might continue to weigh on market sentiment, forcing investors to refrain from creating and carrying heavy positions, heading to the big event. The Fed is scheduled to announce its monetary policy decision on Wednesday, while BoJ is expected to announce further monetary stimulus on Thursday. Investors will also look forward to this week's RBNZ policy meeting where possibilities of a rate cut in the near-future might be discussed.
Elsewhere, European equities opened higher but are currently trading mixed, while Asian markets also closed mostly in negative territory.