September Kicks Off Rough for Bulls

US Pre-Market

Futures: The S&P 500 is up 0.42%, the Dow Jones Industrial Average is up 0.31%, and the Nasdaq 100 is up 0.60%.
U.S. stock futures dipped Sunday night after a challenging week for the equity market. Investors are focusing on two critical inflation reports this week, which could influence the Federal Reserve's upcoming decisions at its next open market committee meeting. The consumer price index for August will be released on Wednesday, followed by the producer price index on Thursday morning. No significant economic data is scheduled for release today.
Watchlist for today: DELL, PLTR, ETSY, GOOGL, ORCL, AAL, COIN

Cryptocurrency Market

The brief rally in cryptocurrency markets after Friday's U.S. jobs report quickly reversed in volatile trading, sending Bitcoin (BTC) to its lowest monthly level. Bitcoin surged to $57,000 before tumbling below $54,000, its lowest since August 5, and is down nearly 3% in the last 24 hours. Major altcoins, including Ether (ETH), Solana (SOL), Ripple’s XRP, and Cardano (ADA), also posted 2%-4% losses. The CoinDesk 20 Index fell 2.7%.
Watchlist: Bitcoin: 55 550-58 000Ethereum: 2300-2560, Solana: 122 -136.50



Forex Market

This week will focus on US CPI Inflation and ECB Rate Decision. Futures traders expanded their net-short USD positions by $8.4 billion last week, bringing the total to -$17.4 billion. Large speculators raised their net-long positions in yen futures to their most bullish level since February 2022. Additionally, they increased their net-long EUR/USD futures exposure to a 34-week high.
Whatchlits: EUR/USD: 1.1027-1.1.080, USD/JPY: 142.8 -145

Basic Materials

Refining margins across Asia dropped to their lowest levels for this time of year since 2020, potentially prompting more reductions in refinery run rates, particularly in China. Analysts predict further cuts in refining utilization due to declining margins and rising fuel supply amid weakening demand, which could negatively impact oil demand in Asia, the world’s key growth market. In response, Saudi Arabia's state-run oil company, Saudi Aramco, has reduced its October pricing for Arab Light crude oil for Asian buyers by 70 cents, according to a price list released on Friday.
Watchlist: GOLD 2467-2533 Crude Oil: 68.7-70.00

The TEFS Analyst team wishes you a successful day!