The broad stock market rally from yesterday appears to have fizzled out this morning, as equity futures are looking sharply lower ahead of a quiet data in new economic data.
The S&P 500 jumped 4.4% yesterday as domestic stocks had their best single-day performance almost 14 months. This morning, however, optimism that a $1 trillion package for Europe is in place has been replaced by questions about how effective it will be.
Ninety minutes before the opening bell today, Dow futures are down 81 points to 10,660 and S&P 500 futures are off 10.90 points to 1,145.70. The 2 year Treasury note yield is 4 basis points lower at 0.82% and the 10 year note yield is 5.7 basis points lower at 3.48%.
WTI crude oil is down $1.17 to $75.63 per barrel, but Spot Gold is up $13.20 to $1,216.30.
Key Events Today:
10:00 ― The economic calendar this week begins with a not-terribly-important Wholesale Trade report. A consensus on expectations for this report was not available, but anecdotal evidence suggests it should show an increase between 0.3% and 0.8%, while the inventory/sales ratio should improve from pretty dismal levels.
11:45 ― Dennis Lockhart, president of the Atlanta Fed, opens the bank's annual Financial Markets Conference, followed by discussion on structured finance moderated by Philadelphia Fed President Charles Plosser.
Treasury Auctions:
- 11:30 ― 4-Week Bills
- 1:00 ― 3-Year Notes
