The Nasdaq100 futures lost about 1,700 units, especially due to the sharp increase in US medium and long-term bond yields. But last Friday, the market changed direction with a significant reversal candle, which could promise a temporary price increase, and also because President Biden's stimulus package of $ 1.9 trillion was approved by the Senate. There was no effect.
It is questionable whether this reverse signal on the Nasdaq can really have an impact and provide a price increase. Fed Chairman Powell, in a speech last week that left the market frustrated and prices falling further, said that before the Fed moves to change interest rates, it must change significantly across the board. However, there were hopes in the market that the Fed would take the matter more seriously and take action sooner. The next Fed meeting will be followed by a press conference by the Fed Chairman on March 16. We are curious to see if the Fed's position will change by then and how bond yields will develop by then.
For the coming week, there is also the following important news in the economic calendar:
Interest rate decisions in Canada and Europe
OPEC Monthly Report
US JOLT Jobs Report
British GDP
In addition, the next US monthly 10-year bond auction will be held. Over the past few months, there has been an increase in returns on auctions. However, from February 10 to March 10, there was a lot going on in the US bond market. The last auction in February was still 1.155% profitable. Meanwhile, performance has reached more than 1.50%, which will probably be reported in a future report.
