Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 10 out of 11 markets closed higher: Shanghai Comp +2.18%, Hang Seng +0.60%, Nikkei +1.17%
- In Europe 11 out of 13 markets are trading higher: CAC +0.82%, DAX +0.60%, FTSE +0.93%
- Fair Value: S&P +1.72, NASDAQ +16.41, Dow -17.61
- Total Volume: 1.36mil ESU & 505 SPU traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes Weekly Bill Settlement, Consumer Price Index 8:30 AM ET, Jobless Claims 8:30 AM ET, Bloomberg Consumer Comfort Index 9:45 AM ET, EIA Natural Gas Report 10:30 AM ET, Patrick Harker Speaks 12:15 PM ET, a 30-Yr Bond Auction 1:00 PM ET, Treasury Budget 2:00 PM ET, Fed Balance Sheet and Money Supply 4:30 PM ET, and Neel Kashkari Speaks 8:00 PM ET.
S&P 500 Futures: Major Indexes Break Four-Session Winning Streak
Yesterday, after dropping in the overnight trade to open at 2778.50, down -18.25 handles, and 12.75 handles off the overnight low, the S&P 500 futures traded another quiet morning. The early low at 2777.00 was made on the open, before pushing up to 2787.75 for a 10.75 handle range just after 9:30. From there the ES chopped around trading back through the open down to 2775.50 at 11:00, and then rallying up to 2782.75 midday, and back down to a new low of day at 2772.25 just after 1:00 pm.
The final part of the trading day saw a rally back up to 2781.00 as the MiM came online with as much as $350 million to buy, but the futures continued to chop lower down to 2775.00. The 3:00 print was 2776.00, and the 3:15 settlement was at 2773.75, down -23.00 handles, or -0.82%.
In the end the news about an additional $200 billion in Chinese tariffs weighed on the markets all day. We had a feeling that when the ES was only down 10 handles after the initial headline that the markets would fall further, as the Asian markets opened and that’s exactly what happened. The ES did rally 22 handles off the low, but as the day wore on so did the markets. In terms of the ES’s overall tone, I think it could have been worse. In terms of the days overall trade, volume was big.
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