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Sharp Uptick in Boeing Supports DJIA, With NASDAQ Underperforming From Open

EQUITIES
  • Equity futures point to a lower open on Wall Street, with tech-led NASDAQ underperforming, while the e-mini Dow sits only just underwater.
  • S&P e-minis maintain a firmer short-term tone and the contract traded to a fresh short-term high on Friday. This reinforces bullish conditions and has also resulted in a test of trendline resistance at 4428.75. The trendline is drawn from the Jul 27 high and a clear break of it would strengthen current bullish conditions.
  • Boeing likely to provide support from the open to the Dow Jones, with shares higher by over 4% pre-market on a sizeable order from Emirates as well as reports that China could lift their long-standing block on Boeing aircraft.
  • US Cash opening calls: SPX: 4,403.3 (-0.3%); DJIA: 34,216 (-0.2%/-67pts); NDX: 15,477.0 (-0.3%). S&P 500 likely to open within Friday’s range, after the contract closed the upside gap noted at 4402.20 last week.
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