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Softer open on final day of winning week

Posted March 22, 2024

The S&P 500 futures are down three points and are trading 0.1% below fair value, the Nasdaq 100 futures are down 20 points and are trading 0.2% below fair value, and the Dow Jones Industrial Average futures are down 19 points and are trading 0.1% below fair value.

The stock market is poised for a slightly lower open on the final day of this winning week that propelled major indices to record highs. The lower open reflects some normal cooling off after the big FOMC-fueled rally this week. 

Market participants are also digesting some mixed earnings news from names like NIKE (NKE) and lululemon athletica (LULU), which show pre-open losses, and FedEx (FDX), which is up sharply on its quarterly report.

Treasury yields are moving lower. The 10-yr note yield is down three basis points to 4.24% and the 2-yr note yield is down two basis points to 4.61%.

WTI crude oil futures are up 0.3% to $81.27/bbl; natural gas futures are down 1.2% to $1.81/mmbtu; copper futures are down 1.4% to $4.00/lb.

There is no U.S. economic data of note today.

Originally Posted March 22, 2024 – Softer open on final day of winning week

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