The equity futures market has a bounce in its step this morning, largely because it rediscovered that bounce in yesterday’s trading, rallying back from morning lows to close the session near its best levels of the day.<\/p>\n\n\n\n
That was the second straight session that it has overcome early selling pressure and it was helped along by renewed buying interest in the mega-cap stocks and long-term rates hitting some resistance. Both of those factors remain at work this morning.<\/p>\n\n\n\n
Currently, the S&P 500 futures are up 20 points and are trading 0.5% above fair value, the Nasdaq 100 futures are up 103 points and are trading 0.7% above fair value, and the Dow Jones Industrial Average futures are up 53 points and are trading 0.1% above fair value.<\/p>\n\n\n\n
Apple (AAPL), Microsoft (MSFT), Alphabet (GOOG), Amazon.com (AMZN), NVIDIA (NVDA), Tesla (TSLA)<\/strong>, and Meta Platforms (META)<\/strong> are all up at least 0.4%. The 10-yr note yield is down one basis points to 4.33%.<\/p>\n\n\n\n Market participants are taking their cue from these moves within the context of a market that has been in a consolidation mode this month as mega-cap stocks have been under selling pressure and long-term rates have been rising.<\/p>\n\n\n\n Unlike more recent sessions, the equity market is poised to start today’s trading on a higher note.<\/p>\n\n\n\n There will be some laggards in the opening mix. There always are. Dick’s Sporting Goods (DKS)<\/strong> will be among the biggest laggards. It is down 20% after coming up well shy of Q2 EPS estimates and issuing disappointing full-year guidance. Dick’s highlighted inventory shrink (i.e., theft) for its earnings disappointment.<\/p>\n\n\n\n