S&P 500 Futures Bounce Back After Overnight Drop

www.investing.com/analysis/sp-500-futures-bounce-back-after-overnight-drop-200640933

By Tim Knight | Aug 14, 2023 09:01AM ET

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ESZ3

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USD/JPY

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Good morning, everyone, and welcome to the new week. There isn’t much going on in the market since the earnings season is pretty much over and there aren’t any meaningful economic events forthcoming. I actually prefer that because the market can actually have a bit of freedom based on good old supply ‘n’ demand instead of some binary event.

The S&P 500 Futures were on a nice, steady track lower on Sunday, but over the course of the night, For No Particular Reason, is blasted higher by 35 points. That seems to have burned off, and as I am typing these words, the /ES is essentially unchanged.

ES Chart

A steadier trend lately has been the US Dollar’s strength against the Yen.

USD/JPY Chart

This persistent strength isn’t helping gold, which is taking a tumble this morning.

Gold Chart

The only outsized equity news is in the form of United States Steel Corporation (NYSE:X) (a stock which, in a flashback to the valuations of 1982, has a P/E ratio of 3.6!) It seems that “X” wouldn’t mind selling itself, so it has jolted higher pre-market.

X Stock Chart

Let’s see how things look after the cash market is open a while. I’ll see you then.

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US 30	36,095.5	-21.9	-0.06%
US 500	4,581.5	-4.1	-0.09%
Dow Jones	36,117.38	+62.95	+0.17%
S&P 500	4,585.59	+36.25	+0.80%
Nasdaq	14,339.99	+193.28	+1.37%
S&P 500 VIX	13.13	+0.07	+0.54%
Dollar Index	103.722	+0.218	+0.21%

Crude Oil WTI	70.49	+1.15	+1.66%
Brent Oil	75.28	+1.23	+1.66%
Natural Gas	2.602	+0.017	+0.66%
Gold	2,046.40	0.00	0.00%
Silver	24.113	+0.054	+0.22%
Copper	3.8267	+0.0292	+0.77%
US Soybeans	1,315.88	+4.88	+0.37%

U.S. 10Y	4.181	+0.056	+1.37%
U.S. 30Y	4.279	+0.033	+0.77%
U.S. 5Y	4.169	+0.057	+1.39%
U.S. 3M	5.393	-0.008	-0.15%
US 10Y T-Note	110.75	-0.41	-0.37%
Euro Bund	134.91	-0.53	-0.39%
10-2 Yield Spread	-44.68	+3.87	+-7.97%

Apple	194.27	+1.95	+1.01%
Alphabet A	136.93	+6.91	+5.31%
Tesla	242.57	+3.20	+1.34%
Amazon.com	146.88	+2.36	+1.63%
Netflix	452.00	+5.27	+1.18%
Meta Platforms	326.59	+9.14	+2.88%
Bank of America	30.66	+0.13	+0.43%

S&P 500 Futures Bounce Back After Overnight Drop

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