Dow Jones & Nasdaq 100 Futures Rise Despite China PMI Weakness
US Stock Futures: Capitol Hill and Fed Speakers in Focus
US stock futures steadied on Friday, October 31, after the previous day’s pullback. The Nasdaq 100 E-mini led the gains, jumping 306 points, with the S&P 500 E-mini advancing 43 points. Meanwhile, the Dow Jones E-mini gained 31 points.
Across the Pacific, Fed speakers could influence US stock futures later in the Friday session. FOMC members Lorie Logan and Beth Hammack, along with Atlanta Fed President Raphael Bostic, are on the calendar to speak.
Support to delay further rate cuts to assess the impact of tariffs on inflation could weigh on demand for risk assets, including US stock futures. Economists view the three as relatively hawkish.
Upbeat corporate earnings sent the Nasdaq 100 to new highs on Thursday, October 30. However, hawkish Fed rhetoric and fading bets on a December rate cut could revive concerns about stagflation, potentially weighing on US stock futures. James Lavish, former hedge fund manager and co-founder of Bitcoin Opportunity Fund, commented:
“The problem for the Fed right now is that their challenge of a ‘dual mandate,’ has become the challenge of a ‘dueling mandate,’ where prices continue to rise as unemployment also rises. Aka Stagflation.”
Key Technical Levels for Dow Jones, Nasdaq 100, and S&P 500
Following the morning gains, US stock futures remained comfortably above key technical levels, signaling bullish momentum.
The near-term trends will hinge on US Senate votes and Fed speakers. Key levels traders should monitor include:
Dow Jones
- Resistance: 48,000, the October 28 record high of 48,214, then 48,250.
- Support: 47,500, 47,000, the 50-day EMA (46,400).