Reply To: Market Wrap – Natural Gas on Fire Fuels Energy Stock Rally May 25, 2022


Early Morning:

S&P 500 futures are 0.6% above fair value;
Nasdaq 100 futures are 0.2% above fair value;
Dow Jones Industrial Average futures are 0.7% above fair value.

Key factors driving the futures market:

Turnaround optimism as multiple retailers check in with better-than-expected/better-than-feared earnings news and guidance
Shanghai officials point to prospect of lockdowns ending next week
NVIDIA (NVDA) and Snowflake (SNOW) fail to live up to heightened expectations and create a drag for growth stocks
WTI crude futures +0.7% to 111.14; wheat futures -1.5% to $11.31/bu; nat gas futures +1.0% to $9.08/mmbtu
10-yr note yield -1 bp to 2.74%; 2-yr note yield -4 bps to 2.46%