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Modest gains indicated following yesterday’s declines

Posted March 26, 2024

The S&P 500 futures are up ten points and are trading 0.2% above fair value, the Nasdaq 100 futures are up 55 points and are trading 0.3% above fair value, and the Dow Jones Industrial Average futures are up 33 points and are trading 0.2% above fair value.

Stock futures are higher as the market attempts to bounce back after yesterday’s declines. Pre-open gains in the mega cap and chipmaker spaces have contributed to the upside bias.

Durable goods orders rose 1.4% in February ( consensus 1.3%) after falling a revised 6.9% (from -6.1%) in January. Excluding transportation, durable goods orders increased 0.5% ( consensus 0.4%) after decreasing an unrevised 0.3% in January.

The key takeaway from the report is that business spending rebounded after a poor January as nondefense capital goods orders increased 4.4%.

Treasury yields moved higher in response the report. The 10-yr note yield, at 4.23% just before 8:30 ET, sits at 4.26% now. The 2-yr note yield was at 4.59% before the data and moved to 4.61% in response. 

A short time ago, the January S&P Case-Shiller Home Price Index showed a 6.6% increase in January ( consensus 6.7%) following a 6.2% increase in December (revised from 6.1%). The FHFA Housing Price Index declined 0.1% in January after a 0.1% increase in December. 

Other economic releases today include the March Consumer Credit report ( consensus 106.7; prior 106.7) at 10:00 ET.

Originally Posted March 26, 2024 – Modest gains indicated following yesterday’s declines

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