Michael P. Reinking, CFA
Sr. Market Strategist
Yesterday US equity markets gapped lower at the open following a round of tech earnings that failed to meet high expectations and a moderation in GDP which was coupled with an increase in the inflation reading for the quarter. The S&P 500 tested 5k at the open which ultimately held, and equities were able to cut losses more than in half to end only modestly lower. This morning there is a bit of an opposite setup, the tech earnings overnight are mostly being well received and this morning’s inflation data came in pretty much in line with expectations assuaging some of yesterday’s fears. S&P futures have been trading higher throughout the overnight session and initially extended slightly higher but have given up that leg, currently trading ~0.6% above fair-value. If we open at these levels that would put the cash index right around this week’s high with the 20/50d ma’s about 1% higher (~5,120). There is a pullback in Treasury yields which are down 2-4bps across the curve.
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