U.S. Stock index futures traded higher early Monday after the S&P 500 posted its second negative week in a row the previous week. Futures contracts tied to the Dow Jones Industrial Average implied an opening gain of about 145 points. S&P 500 futures and Nasdaq 100 futures were also trading in positive territory.
Dow posted its fourth negative week in five, while the S&P Stock registered two straight weeks of losses for the first time since February. The Nasdaq Composite, meanwhile, gained 0.31% last week, snapping a four-week losing streak. Despite the tech-heavy index’s weekly gain, however, the Nasdaq Composite finished Friday’s session in the red as bitcoin prices once again moved lower, putting pressure on the broader technology sector.The cryptocurrency’s sell-off continued on Sunday, with bitcoin dropping around 16% to under $32,000, according to data from Coin Metrics. Bitcoin prices tumbled to just above $30,000, dropping to the lowest level since late January.
JPMorgan said that this week’s collapse in crypto markets and rather hawkish FOMC minutes, another equity dip was bought by investors. This ‘buy the dip’ mentality has been remarkably strong this year and has provided support preventing any small correction in equities and risk markets from becoming more extended.The Federal Reserve hinted at its April meeting that easy monetary policies could be reconsidered if the economy continues to show signs of rapid improvement, according to minutes from the meeting released last week.