S&P 500 Utilities Futures Market News and Commentary
The S&P 500 Index ($SPX) this morning is down -7.89 (-0.26%), the Dow Jones Industrials Index ($DOWI) is down -23.08 (-0.09%), and the Nasdaq 100 Index ($IUXX) is down -4.48 (-0.06%). U.S. stock indexes today are lower on increased trade tensions after U.S. Secretary of State Pompeo said that Huawei Technologies is not the only Chinese company that poses risks to the U.S, which suggests the U.S. may blacklist more Chinese companies. The yuan is down by -0.09% today to 7.0573 yuan/USD, near last Tuesday's 11-1/4 year low of 7.0726 yuan/USD. Weakness in U.S. consumer stocks is also pressuring the broad market today, led by a -3% decline in Kohl's, after the retailer reported a -2.9% drop in Q2 comparable same-store sales, weaker than consensus of -2.4%. Today's global economic data was mixed for equity markets. Eurozone June construction output rose by only +1.0% y/y, which was the weakest report in 5 months. The German July PPI report rose by +0.1% m/m and +1.1% y/y, slightly stronger than expectations of unch m/m and +1.0% y/y. The VIX S&P 500 Volatility Index ($VIX) today is slightly lower by -0.08 to 16.80% as it tries to hold above Monday's 2-week low of 16.52%. The VIX is well below last Thursday's 2-week high of 24.10% and the early-Aug 7-1/2 month high of 24.81%.