US Stock Futures Rise Amid Fed Rate Cut Hopes After NFP Data

On Monday, US stock futures rose, suggesting a possible continuation of the previous session's strong gains, driven by renewed hopes of a Fed interest rate cut following new jobs data. Friday witnessed significant surges in the Dow, S&P 500, and Nasdaq Composite, each climbing over 1% after April's nonfarm payrolls data showed fewer job additions and a rise in unemployment, easing concerns of an overheating economy. Dow Jones Industrial Average futures increased by 0.3%, equivalent to 120 points, with S&P 500 futures up by 0.3% and Nasdaq-100 futures climbing by 0.2%. While the first-quarter earnings season is wrapping up, investors are still focused on upcoming reports from key companies like Disney on Tuesday and Uber on Wednesday. It is possible and expectable that Q1 earnings beats rebounded, supported by margins, will potentially mitigate downside risks for equities
In the Nasdaq, which broke the 17800 resistance with strong momentum last Friday, the 18080 level remains significant at Monday's opening. If this level is breached with strong momentum, the first target would be the channel's mid-band at 18250. The subsequent target could then be observed at 18475. On the downside, the first level of support to monitor would be the range between 17800 and 17750. Breaking below this level would potentially open the path towards 17650. The third support level to watch would be the 17400 level, which has previously shown strong rebounds twice.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
18475	18250	18080	17750	17650	17400