Reply To: Traders Market Weekly: Memorial Weekend a Time for Reflection


The S&P 500 futures are 0.5% below fair value. The Nasdaq 100 futures are 0.6% below fair value. The Dow Jones Industrial Average futures are 0.3% below fair value.

Key factors driving the futures market:

Festering concerns about a slowdown in economic and earnings growth
Some hesitancy in front of 2:00 p.m. ET release of FOMC Minutes for the May 3-4 meeting
Continued weakness in mega-cap stocks
Dick’s Sporting Goods (DKS) issuing FY23 EPS guidance well below consensus to account for the expected impact of “evolving macroeconomic conditions”; DKS shares indicated 14% lower
Beijing continues to wrestle with Covid issues and nervousness builds about potential for increased lockdown restrictions
Russia stepping up its military effort in eastern Ukraine in bid to win control of Donbas region
Reserve Bank of New Zealand raises key policy rate by 50 basis points to 2.00%, as expected
ECB Member Knot suggests a 50 basis point rate hike in July is still a possibility
Nordstrom (JWN) jumps 3.9% following better-than-expected FY23 outlook
Wendy’s (WEN) up 8% after filing by Trian Fund suggests it intends to explore and evaluate potential transactions with company to enhance shareholder value