EmailFutures suggest the S&P 500 index will lose all of Wednesday's 0.87 and Thursday's 0.58 gains right at the open. A decline of about five points is indicated.
That still qualifies as "quiet" conditions.
Chinese export data were surprisingly weak. Exports in July were up a mere 1% on a year-over-year basis. In June, they were up 11%. That is a huge drop and alarming for a country heavily dependent on exports. Lower commodity prices were a factor, but exports to Europe plunged 16%. The ripple effect of the weak European economies is accelerating.
European stock exchanges are down about one-half of one percent. The yield on the Spanish 10-year note has risen to 6.86%, near the 7% level that sets off alarm bells to global financial markets. Those negative factors are weighing on US sentiment.
JC Penny had a poor earnings report but Nordstrom is trading higher pre-market on a good report.
It wouldn't be surprising to see a late sell-off today on concerns about weekend risk from Europe. The S&P is up 12 points on the week, however, so there is a decent cushion for maintaining an uptick on the weekly chart.
Founder and Chairman, Briefing.com
