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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.WTI crude futures -0.5% to $118.37/bbl; wheat futures -0.1% to $10.49/bu; nat gas futures +3.4% to $7.43/mmbtu
S&P futures vs fair value: +37.50. Nasdaq futures vs fair value: +114.50.
The S&P 500 futures are up 37 points and are trading 1.0% above fair value. The Nasdaq 100 futures are up 133 points and are trading 1.0% above fair value. The Dow Jones Industrial Average futures are up 252 points and are trading 1.0% above fair value.
L3Harris (LHX 225.00, -1.92, -0.9%): in discussions to purchase NSO Group, according to Reuter
Planet Labs (PL 4.68, -0.47, -9.1%): reports Q1 (Apr) results, beats on revs; guides JulQ revs in-line; guides FY23 revs in-line
Methode Electronics (MEI 39.94, -2.47, -5.8%): sees FY22 EPS below consensus; co sees FY23 EPS and revs below consensusTreasuries Bounce Ahead of FOMC
U.S. Treasuries are on track for a firmly higher start after their recent string of sharp losses. Treasury futures began climbing shortly after yesterday’s cash close, continuing their advance into the night. The rally found some resistance at the start of the European session, but the past couple hours have seen a push to fresh highs.
The gains in U.S. Treasuries have coincided with a rally in European debt after it was reported that the European Central Bank is holding an emergency meeting today to discuss ways of dealing with fragmentation in the eurozone.
FOMC is expected to announce a 75-bps rate hike at 14:00 ET.
The greenback is under pressure after the U.S. Dollar Index hit a fresh high for the year during yesterday’s session.
The U.S. Dollar Index is down 0.6% at 104.91, on track to snap a five-day streak.Yield Check:
2-yr: -12 bps to 3.32%
3-yr: -14 bps to 3.45%
5-yr: -13 bps to 3.47%
10-yr: -11 bps to 3.37%
30-yr: -7 bps to 3.36%The FOMC meeting brought extreme volatility, the Fed raised 75 bps as expected sending it lower but $ES_F rallied 100 handles plus when he said next m
[See the full post at: Market Wrap – Punters Paradise as Futures React with Extreme Volatility After Fed Raises 75 bp June 14, 2022]
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