There is a sense of lethargy in the equity futures market this morning, as participants remain fatigued by the sight of rising interest rates and the thought that policy rates could still have higher to go.<\/p>\n\n\n\n
Currently, the S&P 500 futures are down 13 points and are trading 0.3% below fair value, the Nasdaq 100 futures are down 48 points and are trading 0.3% below fair value, and the Dow Jones Industrial Average futures are down 79 points and are trading 0.2% below fair value.<\/p>\n\n\n\n
These are modest declines, but they follow on the heels of large losses last week for the major indices.<\/p>\n\n\n\n
A poor showing from the mega-cap stocks drove those losses, but there was a general buyers’ strike as it seemed no one wanted to cross the picket line to buy stocks with rates rising, oil prices rising, UAW strike temperatures rising, and the threat of a government shutdown rising.<\/p>\n\n\n\n
There hasn’t been any news this morning to turn the tide of broader market sentiment.<\/p>\n\n\n\n
One bit of good news, though, is that reports indicate a tentative three-year deal has been reached between the studios and the Writers Guild of America to end the writers’ strike. That has provided some uplift for the studio stocks, but it has not been a broader market booster.<\/p>\n\n\n\n