Free Trial

Stock Futures Off Lows Through Cash Open, But Remain Weak

EQUITIES
  • Headed through into the Monday cash open, e-mini S&P just off the 4-month lows posted during the European morning, but futures still point to a negative open of 0.40-0.43% across the main three indices.
  • The (very modest) recovery off lows for headline indices coincided with Reuters confirming that China state fund Central Huijin Investment had bought ETFs on Monday, allowing the e-mini S&P to steer clear of a test of next support at 4194.75, the May 24 low.
  • Nonetheless, the bear trigger at 4235.50 has been cleared, prompting a deterioration of the near-term outlook.
  • Focus remains on US financial conditions and the state of the yield curve (and this week's advance GDP print) as well as the busiest week of the quarter for the corporate earnings cycle, with 38% of the index set to report.
  • Full expectations and timings here: https://roar-assets-auto.rbl.ms/files/56296/MNIUSE...

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.