The S&P 500 futures are 0.9% below fair value; the Nasdaq 100 futures are 1.2% below fair value; and the DJIA futures are 0.7% below fair value
Key factors driving the futures market:
Reserve Bank of Australia raises its cash rate by a larger-than-expected 50 basis points to 0.85%, stoking worries about a growth slowdown
Target (TGT) slumps 7% after cutting its Q2 operating margin rate guidance to ~2% (from 5.3%) in conjunction with plan to clear excess inventory
Focus on rising energy costs: national average gasoline price is record $4.92/gallon and nat gas futures up another 1.6% to $9.47/mmbtu
SEC looking at proposals to improve market efficiency, including possible ban on payment for order flow, according to The Wall Street Journal
UK Prime Minister Boris Johnson survives confidence vote by smaller-than-expected majority (211-148)
German April factory orders weaker than expected
Cryptocurrencies under selling pressure; Bitcoin (-6.0%) back below $30,000
Kohl’s (KSS) in three-week exclusive negotiations with Franchise Group for possible sale at $60.00 per share
J.M. Smucker (SJM) down 1.0% after topping fiscal Q4 earnings expectations and issuing below-consensus FY23 EPS guidance