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Stock index futures were drifting again Tuesday with little on the data front to sway sentiment ahead of the bell.
Early on and Dow futures (INDU) were -0.1%, S&P futures (SPX) were near even, and the Nasdaq 100 futures (NDX:IND) were flat.
Info Tech (XLK) and Energy (XLE) are the weakest sectors.
“Markets certainly stopped chasing and squeezing yesterday, in part thanks to a weak ISM services print that helped to ramp up fears about a recession,” Deutsche Bank’s Jim Reid said. “Earlier in the day it had looked rather different, and at one point the S&P 500 was even on track to close in bull market territory, having risen by over 20% since its closing low last October. But the negative data surprise ultimately dominated, and that led to a decent risk-off move that meant the index fell short of that milestone by the close.”
WTI crude (CL1:COM) was down another 2% after slipping 1% in the previous session despite promise for a further production cut from Saudi Arabia post-OPEC+.
The 10-year Treasury yield (US10Y) fell 3 basis points to 3.67%. The 2-year yield (US2Y) fell 3 basis points to 4.45%.
“Ultimately, markets are increasingly coalescing around the idea that the Fed will skip a meeting in June before delivering another hike in July,” Reid said.
The economic calendar is pretty empty.
Among active stocks, Apple (AAPL) is off slightly after falling yesterday on a sell-the-news WWDC reaction. But Unity Software (U) is adding to gains after coming up in the presentation.
More on the markets
- Bullish Trends Are Aligned On Multiple Timeframes
- The Great Debate: Small-Cap Melt-Up Or Large-Cap Crash?
