After last week’s parabolic rally, we’ve spent this week basing and setting up the next move.
The S&P 500 futures are down two points and are trading fractionally below fair value, the Nasdaq 100 futures are up 13 points and are trading 0.1% above fair value, and the Dow futures are down 52 points and are trading 0.1% below fair value.
The stock market is set up for a flattish open following yesterday’s gains that left the Nasdaq at a record high. Market participants are digesting another mixed slate of earnings news in front of some potentially market-moving data, the February ISM Manufacturing PMI at 10:00 ET.
Other data today include:
9:45 ET: February S&P Global U.S. Manufacturing PMI (prior 49.1%)
10:00 ET: the final February University of Michigan Consumer Sentiment, and January Construction Spending
Treasury yields are little changed from yesterday in front of the reports. The 10-yr note yield is unchanged at 4.25% and the 2-yr note yield is down three basis points to 4.61%.