Nasdaq 100 E-mini futures saw sideways action today, as traders digest mixed economic signals. Heavy resistance at 15,520 remains the key hurdle for sustained upside. December 10-year T-notes (ZNZ5) on Monday closed up +8 ticks. The 10-year T-note yield fell -3.7 bp to 4.139%. T-notes moved higher Monday on expectations that this week’s US labor market news will show weakness in the labor market that will allow the Fed to keep cutting interest rates. Also, Monday’s -3% plunge in WTI crude oil prices lowered inflation expectations, a supportive factor for Fed policy and T-note prices, as the 10-year breakeven inflation rate fell to a 1.5-week low of 2.357%. T-notes fell back from their best level after Cleveland Fed President Beth Hammack said she was still worried about inflation and argued against additional Fed rate cuts. Optimism surrounding AI is outweighing concerns about the U.S. government shutdown, which has entered its third day. U.S. Treasury Secretary Scott Bessent cautioned on Thursday that the shutdown could be “a hit to growth.” Nasdaq 100 E-mini futures edged higher in pre-market trading, supported by gains in software and biotech sectors. Short-term resistance remains near 15,480, and a close above it may trigger algorithmic buy programs.
