US Index Futures Slightly Rise; Bitcoin Reaches 2021 High

On Tuesday, U.S. index futures showed a slight increase, in anticipation of significant economic indicators expected later in the week and statements from Federal Reserve officials, which may reveal valuable clues about future interest rate directions.

At 5:35 AM, Dow Jones Industrial Average futures (DOWI:DJI) were up 13 points, or 0.03%. S&P 500 futures rose 0.09%, and Nasdaq-100 futures advanced 0.18%. The 10-year Treasury yield was at 4.268%.

In the commodities market, West Texas Intermediate crude for April fell 0.06% to $77.53 per barrel. Brent crude for April dropped 0.10%, near $82.45 per barrel. Iron ore traded on the Dalian exchange rose 1.24% to $124.68 per metric ton.

Bitcoin (COIN:BTCUSD) surpassed $57,000 on Tuesday, before pulling back to $56,612, its first peak since 2021, driven by ETFs and acquisitions by MicroStrategy (NASDAQ:MSTR). With a 32% increase since the beginning of the year, there’s growing enthusiasm for Ether (COIN:ETHUSD) and Dogecoin (COIN:DOGEUSD) as well. Investments in Bitcoin ETFs in the U.S. indicate growing interest, while MicroStrategy expanded its Bitcoin portfolio, reinforcing confidence in the digital market.

Asian markets closed mixed, with Japan’s Nikkei slightly positive, reaching a new record. Yields on Japanese government bonds stood out, with the 2-year reaching a high since 2011 after surprising inflation data, while in China, the anticipation of government stimuli led to gains of 1.29%, contrasting with a drop in South Korea’s Kospi, which fell -0.83%.

European markets traded higher, following a global downtrend the previous day. Mining stocks led the gains in the region, while media stocks fell 0.5%

On the U.S. economic agenda for Monday, at 08:30 AM, the Commerce Department will release January’s durable goods orders. Then, at 09:00 AM, attention turns to the December S&P Case/Shiller index, which will provide insights into the residential real estate market. Finally, at 10:00 AM, the February consumer confidence index, published by the Conference Board, will be closely observed. This week, the spotlight is on the Fed’s preferred inflation index, expected on Thursday. In light of surprisingly positive data on employment and inflation, markets have adjusted their expectations, postponing the forecast of an immediate easing of Fed policies to possibly June or July.

On Monday, the U.S. stock market closed lower, with major indices losing ground amid investor caution ahead of important economic data. The Dow Jones fell 0.16%, while the S&P 500 and Nasdaq recorded declines of 0.38% and 0.13%, respectively. Expectations around future economic reports, especially on inflation and consumer spending, kept markets on alert, impacting investment decisions.

In terms of quarterly earnings, companies scheduled to present financial reports before the market opens include Norwegian Cruise Line (NYSE:NCLH), Lowe’s (NYSE:LOW), Macy’s (NYSE:M), AutoZone (NYSE:AZO), American Electric Power (NASDAQ:AEP), Lendingtree (NASDAQ:TREE), Shift4 Payments (NYSE:FOUR), Cracker Barrel (NASDAQ:CBRL), BMO Financial Group (NYSE:BMO), Scotiabank (NYSE:BNS), among others.

After the market closes, investors await results from Devon Energy (NYSE:DVN), First Solar (NASDAQ:FSLR), Cava (NYSE:CAVA), Beyond Meat (NASDAQ:BYND), Lemonade (NYSE:LMND), eBay (NASDAQ:EBAY), Rocket Lab (NASDAQ:RKLB), Array Technologies (NASDAQ:ARRY), Virgin Galactic (NYSE:SPCE), Axon Enterprise (NASDAQ:AXON), and more.