Pre Open US - US Indices 4 Sep 2023

US markets will be shut on Monday for the Labor Day holiday, but futures advanced after the S&P 500 Index posted its best week since June.

Market sentiment got a boost from Friday’s US jobs report that showed a steadily cooling labor market, offering the Federal Reserve room to pause rate increases this month. Markets built on those gains after news of a weekend surge in home sales in two of China’s biggest cities, an early sign that government efforts to cushion a record housing slowdown are helping.

Nasdaq continues displaying signs of strength by surpassing the 15,300-resistance level and heading towards the 16,000 mark, its previous peak. This higher level presents a formidable challenge for further advancement.