Opening Bell: US Futures Shake Off China’s Commodity Crackdown; Metals Fall – Investing.com

Opening Bell: US Futures Shake Off China’s Commodity Crackdown; Metals Fall – Investing.com

Steel and iron ore plummet

Bitcoin rebounds above $36,000

US dollar slides

Key Events

Stocks in Europe opened higher, boosting futures on the , , and . Asian benchmarks were mixed, after China's on "speculators and hoarders" of industrial commodities dented mining-related companies.

Gold wavered while yields were slightly lower.

Global Financial Affairs

All four US contracts were about 0.5% in the green, at time of writing, with stocks on the tech-heavy NASDAQ 100—representing one side of the reflation trade—and Russell 2000 futures—representing value stocks and the opposite side of the reflation trade—moving in unison. Both indexes were slightly outperforming the S&P 500 and Dow Jones, which were ranging around 0.40%. The current picture suggests that after reflecting on the markets' whipsaws last week, traders are ready to get back into equities.

The Index was little changed on Friday, as technicals kept it under pressure.

The broad benchmark completed a bullish wedge, but Friday's bearish shooting-star demonstrates that it ain't over till the fat bear sings.

The Index was pulled in two different directions. Banks and technology stocks—normally possessing a negative correlation within the reflation trade—outperformed, while mining firms lagged, after China's warning. plunged over 5%, and