U.S stock futures pointed to the upside amid cautious stance toward a new variant of coronavirus

The U.S stock market is set to trading upward today as the market observes the earnings releases. Traders and investors expect strong results from earnings reports as economic recovery gaining pace. However, the economic recovery might come under threat if a new variant of coronavirus starts to spread massively.

On the inflation ground, this week U.S inflation recorded a higher than expected number. Janet Yellen assures the market that the inflation and price will continue moving higher for several months before cooling off. Eventually, inflation will decline toward normal levels.

Asian & European Stock market

The Asian stock market mixed. Japan Stock market down 276.01 points (-0.98%) to 28,003.08, China stock market down 25.29 points (-0.71%) to 3,539.30 and Australia ASX 200 up 12.20 points (+0.17%) to 7,348.10. The European stock market also trading mixed. DAX Germany down 0.08%, UK FTSE up 0.11%, Euro STOXX 600 down 0.04%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index has not printed a new record high yet. There is bullish pressure in the DJIA futures which suggests a possible upside today. Traders will continue to assume that the index will continue moving upward and print a new record high. Without any major bearish reaction, it is better to stay on the bullish side.

Bionano Genomics Inc (BNGO)

BNGO share prices trading lower and reach the daily SMA 200. In the previous bearish movement, the share prices could bounce from the averages and start a bullish leg. We think the share prices will bounce from the averages and start another bullish leg.