On Track for a Losing Week

The S&P 500 futures are down 1 point and are trading in line with fair value. The Nasdaq 100 futures are down 10 points and are trading 0.1% below fair value. The Dow Jones Industrial Average futures are down 22 points and are trading 0.1% below fair value.

Equity futures point to a modestly lower open. Market participants continue to monitor the price action in Apple (AAPL), along with the movement in oil prices ($87.47/bbl, +0.60, +0.7%).

Treasury yields also continue to draw focus. The 2-yr note yield is unchanged at 4.95% and the 10-yr note yield is down one basis points to 4.25%. The U.S. Dollar Index is down 0.1% to 104.99. 

Japan reported weaker than expected Q2 GDP growth overnight (actual 4.8% yr/yr; expected 6.0%). 

Today’s U.S. economic data is limited to:

• 10:00 ET: July Wholesale Inventories (Briefing.com consensus -0.1%; prior -0.5%)
• 15:00 ET: July Consumer Credit (Briefing.com consensus $15.8 bln; prior $17.9 bln)

New York Fed President Williams commented that U.S. monetary policy is in a good place, but more data needs to be analyzed to determine how to proceed with rates, according to Bloomberg.

In corporate news, RH (RH) is down big this morning after reporting earnings and warning of ongoing challenges in the luxury housing market for FY24. Smartsheet (SMAR) and Smith & Wesson Brands (SWBI), meanwhile, show outsized pre-open gains following their earnings reports. 

Kroger (KR) is another laggard after its earnings report. 

—

Originally Posted September 8, 2023 – On track for a losing week