Key factors driving the futures market:
ECB holding emergency meeting to discuss fragmentation issues (pertaining to sovereign debt spreads). Some see this as another “whatever it takes” moment.
Expectations that stock market is poised for a rebound effort given the magnitude of recent losses (S&P 500 down 10.4% from intraday high last Monday).
China reported better-than-feared Retail Sales, Industrial Production, and Fixed Asset Investment data for May.
President Biden sends letter to top oil companies, noting unprecedented refining profit margins are unacceptable and that his administration will take reasonable steps to improve output in the near term, according to Bloomberg
Cryptocurrencies remain under pressure
Bitcoin -4.4% to $21,185.80; Ethereum -7.1% to $1114.44