US stock futures dipped on Monday as investors prepared for a busy week of important economic reports and earnings from major Wall Street companies, while keeping an eye on updates about the Trump administration's trade policies.
The US open has led to a bounce for US indices as markets digest comments from Treasury Secretary Scott Bessent.
U.S. Treasury Secretary Bessent shared that he met with his Chinese counterpart in Washington last week and believes China will find the current tariff levels unsustainable. He is optimistic about reaching a tariff agreement with China. Meanwhile, the U.S. Agriculture Secretary said daily talks with China about tariffs are ongoing.
Chinese officials however stand by the rhetoric that no discussions have taken place. This uncertainty is being reflected by Global markets at the start of the week.
However, China has reportedly removed tariffs on some U.S. products, focusing on areas where alternatives are limited. Meanwhile, Shein has raised prices on certain items in the U.S. by up to 377% ahead of tariff hikes.
A choppy session for the Dollar, the euro is slightly weaker due to hints from the ECB that a rate cut in June is likely. EUR/USD is trading within the 1.1330-1.1380 range.
This comes as ECB policymakers this morning struck a dovish tone. ECB policymakers Simkus and Kazaks both tout rate cuts as economic uncertainty grows.
GBP is slightly firmer in a quiet session thus far to start the week.
Gold is weaker and underperforming compared to other metals as the sell-off from its record highs continues.
For a full update on the price of Oil please read Brent Crude analysis: Trade talks, OPEC+, and technical levels
Economic data releases
For now the US calendar is quiet today with the main event being US Dallas Fed Manufacturing Business Index while President Trump is scheduled to meet with the house speaker later in the day.
On the earnings front we have Domino's Pizza, Roper, NXP Semiconductors.
The rest of the week is a busy one with US jobs data, BoJ rate decision and of course further developments on the tariff front.
For a full breakdown on the week ahead, please read Markets weekly outlook - Data dump ahead as tariff concerns linger
Chart of the day - Dow Jones Index (DJIA)
From a technical standpoint, the Dow Jones has shrugged off losses to turn green for the day, trading around 0.63% up at the time of writing.
The overall mood improvement in financial markets has played its role well thus far as more and more information continues to trickle through.
Immediate resistance rests at 40537 and 40738 with a break above these two levels opening up a retest of 41095.
Immediate support which was tested earlier in the day rests at the psychological 40000 handle before the 39588 handle and 39232 handles come into focus.
Dow Jones Daily Chart, April 23, 2025
Source: TradingView.com (click to enlarge)
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