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Market poised to bounce back from yesterday’s late slide

Posted March 27, 2024

The S&P 500 futures are up 24 points and are trading 0.4% above fair value, the Nasdaq 100 futures are up 99 points and are trading 0.4% above fair value, and the Dow Jones Industrial Average futures are up 163 points and are trading 0.4% above fair value.

Stock futures indicate a higher open after yesterday’s late afternoon slide. Pre-open gains in mega cap stocks have boosted the broader market after leading the downside moves yesterday.

Treasuries are not moving much this morning. The 10-yr note yield is down one basis point to 4.22% and the 2-yr note yield is down two basis points to 4.58%.

The weekly MBA Mortgage Applications Index declined 0.7% with purchase applications falling 2% and refinance applications down 0.2% from the prior week. Other data today include the weekly EIA Crude Oil Inventories at 10:30 ET.

WTI crude oil futures are down 0.4% to $81.31/bbl; natural gas futures are down 1.9% to $1.76/mmbtu; and copper futures are down 0.4% to $3.99/lbs.

Originally Posted March 27, 2024 – Market poised to bounce back from yesterday’s late slide

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