DJIA 25993 up 28
S&P 2905 up 3
Market holiday means little movement for US futures
Wall Street futures rallied in after-hours trade on Friday, but it has perhaps been no surprise that we’ve seen little direction since, given yesterday’s market holiday. Investors are focusing very much on US trade talks and with the Trump administration having missed a deadline at the end of last week to come up with a new version of NAFTA, the resumption of these negotiations will be very much in focus. That isn’t set to kick off until Wednesday however, which could keep traders side-lined in the short term.
We do have the ISM manufacturing index due for release shortly after the opening bell and the forward looking qualities of this print could provide some fresh direction in the interim. A modest month on month decline is forecast, but given the backdrop of impressive economic performance, this is unlikely to be much cause for concern.
One notable reading out of the UK this morning was a sharp fall in construction PMI although the Pound has so far proved resilient. It’s already been beaten down and Mark Carney’s testimony infront of the Treasury Select Committee later today could perhaps provide more meaningful direction.
Ahead of the open we’re currently calling the DOW up 28 at 25993 and the S&P up 3 at 2905. (prices reflect change from Friday’s close)
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Soaring US yields trigger the wrecking ball effect as yields become a source of volatility for risk, rather than a source of support