Reply To: Traders Market Weekly: Summer, Manufacturing, Jobs and Debt Ceiling


S&P futures vs fair value: +29.00. Nasdaq futures vs fair value: +287.00.

The S&P 500 futures are up 29 points and are trading 0.7% above fair value.
The Nasdaq 100 futures are up 287 points and are trading 2.1% above fair value.
The Dow Jones Industrial Average futures are down 66 points and are trading 0.2% below fair value.

A huge gain in NVIDIA (NVDA) after the company beat earnings estimates and raised guidance, along with other semiconductor stocks trading higher in solidarity, has driven the outperformance of the Nasdaq 100 and S&P 500 futures.

Meanwhile, debt ceiling uncertainty has kept the broader market in check.

Angst around the debt ceiling has escalated after Fitch Ratings put the nation’s AAA rating on “watch negative.” Also, Congressional members will leave Washington for Memorial Day, but will return to vote on legislation if a debt ceiling deal is reached, according to The Hill.

Fitch’s action has fueled selling in the Treasury market. The 2-yr note yield is up seven basis points to 4.41% and the 10-yr note yield is up four basis points to 3.75%.