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E-Minis Point To Slight Positive Impetus At Open

EQUITIES
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E-minis have recovered from session lows, providing a modest positive bias into the cash open: S&P 500 e-mini +0.2%, NASDAQ 100 e-mini +0.3% & DJIA e-mini +0.4%.

  • The major contracts are little changed to higher vs. pre-retail sales levels, with the firmer-than-expected data just about outweighing any hawkish repricing in Fed funds futures. A 25bp cut is still more than fully discounted come the end of the Sep FOMC.
  • Financial earnings were mixed, leaving BofA higher pre-market (+1.5%), while Morgan Stanley (-2.8%) & Charles Schwab are indicated lower (-7.8%).
  • United Health is indicated higher post-earnings (+2.8%).
  • Microsoft is seemingly set to shake of any worry surrounding a UK antitrust probe at the open, indicated little changed at this juncture.
  • Weakness in crude oil futures could weigh on related names early on.
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E-minis have recovered from session lows, providing a modest positive bias into the cash open: S&P 500 e-mini +0.2%, NASDAQ 100 e-mini +0.3% & DJIA e-mini +0.4%.

  • The major contracts are little changed to higher vs. pre-retail sales levels, with the firmer-than-expected data just about outweighing any hawkish repricing in Fed funds futures. A 25bp cut is still more than fully discounted come the end of the Sep FOMC.
  • Financial earnings were mixed, leaving BofA higher pre-market (+1.5%), while Morgan Stanley (-2.8%) & Charles Schwab are indicated lower (-7.8%).
  • United Health is indicated higher post-earnings (+2.8%).
  • Microsoft is seemingly set to shake of any worry surrounding a UK antitrust probe at the open, indicated little changed at this juncture.
  • Weakness in crude oil futures could weigh on related names early on.