S&P 500 E-Mini Futures Market News and Commentary
The S&P 500 ($SPX) this morning is up by +6.30 (+0.225%), the Dow Jones Industrials index ($DOWI) is up +58.69 (+0.22%), and the Nasdaq 100 Index ($IUXX) is up +64.10 (+0.84%). U.S. stock indexes are moving higher this morning on reduced U.S./China trade tensions and positive U.S. economic data. Trade tensions eased after U.S. Treasury Secretary Mnuchin told CNBC in an interview today that negotiators were "about 90% of the way" to a trade deal with China before talks broke down and that he was "hopeful" that a trade deal between the U.S. and China can be found. Also, there are reports today that the U.S. is willing to suspend the next round of tariffs on an additional $300 billion of Chinese imports while the U.S. and China prepare to resume trade negotiations. Energy stocks are higher as well today with Aug WTI crude oil up more than +3% at a 1-month high. Today's U.S. economic data was supportive for stocks after May core capital goods orders, a proxy for capital spending, rose +0.4%, stronger than expectations of +0.1%. Stocks fell back from their best levels today after President Trump warned that "substantial additional U.S. tariffs" will be placed on Chinese goods if there is no progress on a trade deal when he meets with Chinese President Xi Jinping this Saturday at the G-20 Summit in Japan. The VIX volatility index ($VIX) today is down by -0.23 to 16.05% after it had jumped to a 2-week high Tuesday of 16.68%. The VIX is moderately above last Thursday's 1-1/2 month low of 13.19%. The VIX also remains far below the 5-week high from June 3 of 19.75% and the early-May 5-1/2 month high of 23.38%.