US Futures Drift Lower Ahead of Final Day of Q2/H1
US Futures are drifting lower on Wednesday morning after the MBA Mortgage Applications Index sank -6.9% and the ADP Employment Change came in at 692k vs the 400k expected. This sets us up for a potentially strong payrolls print on Friday, which at this point may lead to a risk off move on the assumption of tighter monetary policy as a response.
According to ZeroHedge, the S&P has risen a whopping 14% in the first half of the year, it's best performance going back to 1998. Let's hope quarter end rebalancing flows don't ruin the party for everyone. We'll see Chicago PMI at 9:45AM, Pending Home Sales (for May) at 10:00AM, and EIA Crude Oil Inventories at 10:30AM.
As of 9:00AM, the S&P was down -0.7% to 4,279, the Dow was down -0.9% to 34,138, the Nasdaq was down -0.2% to 14,561, and the Russell was down -0.31% to 2,297.
The US10Y yield was slightly lower, down around -0.81% to 1.46%, while the Dollar (DXY) rose marginally by 0.11% to 92.17. Vix rose 4.49% to 16.74, while Gold continued to sink, down -0.31% to 1,758/oz. Bitcoin has resumed it's journey lower after a nice bounce back toward 36k yesterday. We're down -3.8% on the day and trading at 34,543.
Stay tuned for our live analysis at 9:30AM. Cheers, Michael.
According to ZeroHedge, the S&P has risen a whopping 14% in the first half of the year, it's best performance going back to 1998. Let's hope quarter end rebalancing flows don't ruin the party for everyone. We'll see Chicago PMI at 9:45AM, Pending Home Sales (for May) at 10:00AM, and EIA Crude Oil Inventories at 10:30AM.
As of 9:00AM, the S&P was down -0.7% to 4,279, the Dow was down -0.9% to 34,138, the Nasdaq was down -0.2% to 14,561, and the Russell was down -0.31% to 2,297.
The US10Y yield was slightly lower, down around -0.81% to 1.46%, while the Dollar (DXY) rose marginally by 0.11% to 92.17. Vix rose 4.49% to 16.74, while Gold continued to sink, down -0.31% to 1,758/oz. Bitcoin has resumed it's journey lower after a nice bounce back toward 36k yesterday. We're down -3.8% on the day and trading at 34,543.
Stay tuned for our live analysis at 9:30AM. Cheers, Michael.
