Hello traders, and welcome to Monday. The new week opens with a modest risk-off tone, as global indices slide from recent highs and traders position ahead of a busy stretch of macro data.
American and European futures are both slightly lower to start the session. NASDAQ and S&P 500 are pulling back from last week’s highs, but for now, key support levels remain intact. For the NASDAQ, that support sits at 22,650, and for the S&P 500, the key level to watch is 6,225. As long as those holds hold, the overall sentiment stays constructive. A clean break below, however, would shift the tone and make this a much tougher week for the bulls.
In currencies, we’re seeing early weakness in the Antipodean space, with the New Zealand dollar among the weakest performers. On the flip side, North American currencies — the U.S. dollar and Canadian dollar — are showing some mild strength, though FX moves are generally subdued at this stage.
Commodities are off to a strong start.
-
Natural gas is up nearly 5% in early trading.
-
Oil is also higher, rising around 1% to begin the week.
-
In metals, palladium, silver, and gold are all climbing, continuing the positive momentum seen in recent sessions.
-
Interestingly, copper is down about 1%, giving back a small portion of last week’s explosive move. Still, copper remains one of the top-performing metals year to date, up almost 40% in 2025.
-
Platinum leads the pack, now over 60% higher this year, followed by palladium at +44%.
As for the macro calendar, Monday is empty — no Tier 1 data is scheduled, and the market will trade mostly on technicals and positioning.
That changes starting Tuesday, when the focus shifts to inflation data from Canada and the U.S., followed by UK inflation on Wednesday. With CPI figures coming from three major economies, expect volatility to pick up fast.