Equity futures have fallen from their best levels, but moves are still modest in scope. The S&P 500 futures are down 5 points and are trading slightly below fair value. The Nasdaq 100 futures are down 13 points and are trading 0.1% below fair value. The Dow Jones Industrial Average futures are down 31 points and are trading slightly below fair value.
The stock market is poised to open somewhat flat with market participants lacking conviction on either side of the tape. Money flows this morning look a lot like yesterday’s session with many bank stocks showing nice gains while lagging mega cap stocks weigh down the broader market.
Treasury yields have pulled back from their overnight highs. The 2-yr note yield, which rose above 4.00% earlier, is unchanged at 3.99%. The 10-yr note yield is up two basis points to 3.54%. The U.S. Dollar Index is down 0.3% to 102.51.
Energy complex futures are moving higher. WTI crude oil futures are up 0.2% to $72.95/bbl and natural gas futures are up 0.1% to $2.22/mmbtu.
The advanced report for international trade in goods showed a $91.6 billion deficit in February versus the prior revised $91.1 billion deficit in January (-$91.5billion). The advanced report for retail inventories reflected a 0.8% build in February following a 0.1% increase in January. The advanced report for wholesale inventories showed a 0.2% build in February after a revised 0.5% decline in January (from -0.4%).
The FHFA Housing Price Index rose 0.2% in January following a 0.1% decline in December. The S&P Case-Shiller Home Price Index rose 2.5% in January (Briefing.com consensus 2.5%) following a 4.6% increase in December.
Other economic data today is limited to:
- 10:00 ET: March Consumer Confidence (Briefing.com consensus 101.5; prior 102.9)
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Originally Posted March 28, 2023 – Market poised for flattish open
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