[BRIEFING.COM] S&P futures vs fair value: +5.60. Nasdaq futures vs fair value: +8.80.
The stock market is on track for a modestly higher start as futures on the S&P 500 trade six points above fair value. The higher start will lift the benchmark index back above the 3,000 mark, which was first breached on Wednesday.
The overnight session saw gains in most Asian markets while economic data from China showed that authorities are continuing to flood the country's financial system with new liquidity. New loan creation totaled CNY1.66 trln in June while outstanding loans increased 13.0% yr/yr. The stimulus measures are having limited impact on domestic demand, considering China's imports fell 7.3% yr/yr in June, representing the fifth decrease during the first six months of 2019.
On the home front, investors received just one economic report today. The index for final demand increased 0.1% m/m in June (Briefing.com consensus +0.0%), held back by a 3.1% drop in the index for final demand energy, while the index for final demand, excluding food and energy, rose 0.3% m/m (Briefing.com consensus +0.2%).
Treasuries trade in negative territory with the 10-yr yield up three basis points at 2.15%.