S&P 500 E-Mini Cash (ESY00)
S&P 500 E-Mini Futures Market News and Commentary
What you need to know…
The S&P 500 Index ($SPX) (SPY) on Friday closed slightly lower by -0.11%, the Dow Jones Industrials Index ($DOWI) (DIA) closed +0.21%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed -0.87%.
U.S. stocks on Friday were undercut after Fed Chair Powell warned that QE tapering is likely at next week’s FOMC meeting, although he also said, “I don’t think it is time to raise rates.” Stocks saw support from Q3 earnings, with American Express and Seagate Technology supporting gains in the S&P 500 and Dow Jones Industrials. However, the Nasdaq 100 was dragged lower by a -11% plunge in Intel and weakness in social media stocks. Rising inflation expectations weighed on stocks after the 10-year breakeven inflation expectations rate rose to a 9-year high of 2.697%.
Friday’s U.S economic data was bearish for stocks after the U.S. Oct Markit manufacturing PMI fell -1.5 to a 7-month low of 59.2, weaker than expectations of 60.5.
Comments late Thursday... Read more
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