Written Commentary
Wkly Futures Market Summary For 2.10.2025
February 10, 2025
STOCK INDEX FUTURES
U.S. stock index futures are higher going into the last trading week of 2021.
The corporate calendar for this week will be quiet. No major companies are scheduled to report earnings results or meet with analysts. Economic data also will be light.
The 9:30 central time December Dallas Federal Reserve manufacturing survey is expected to be 9.5.
The S&P 500 has climbed 26% so far in 2021, after advancing 16% in 2020.
The seasonal for S&P 500 futures is to be higher on a month-to-month basis in the month of December.
CURRENCY FUTURES
The U.S. dollar and the euro currency remain in broad sideways patterns, and with interest rate differential expectations offering no clear advantage to either currency, the sideways trade will likely continue for the rest of this year and into 2022.
Japan’s November overall retail sales were up 1.9% on the year and large-scale retailers’ sales increased 1.4% on the year.
INTEREST RATE MARKET FUTURES
The March 30-year Treasury bond futures broke out under a double bottom on December 23, but with no follow-through.
The Treasury will auction 2-year notes today.
If the U.S. economy weakens, it may be difficult for the Fed to justify an accelerated taper of its asset-purchase program, especially now that some central banks are adding more accommodation or are delaying the partial removal of easy-monetary policies.
The fundamentals for the 30-year Treasury bond futures are mostly aligned on the bullish side.
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