Beyond some individual stock moves, there isn't a lot of conviction ahead of the open.
The S&P futures are up one point and are trading roughly in-line with fair value, suggesting the cash market will begin on a flattish note. The Nasdaq 100 futures are down 11 points and the Dow Jones Industrial Average futures are down 10 points.
It's the disposition of a market that isn't resolute about its position. Yes, the S&P 500 is up 1.4% for the week, making it a good week so far, but the 10-yr yield at 2.92% is flirting with its highs for the year and Fed officials keep pushing the notion that further rate hikes appear warranted.
Cleveland Fed President Mester (FOMC voter) is the latest official to suggest as much, acknowledging in a speech that she thinks rate hikes are going to be appropriate this year and next.
This isn't shocking the market this morning because it has become an oft-repeated refrain, yet it is a constant reminder for the market that the path of least resistance for interest rates lays to the upside, assuming a trade war or a systemic shock doesn't come to pass.
Chicago Fed President Evans (non-FOMC voter) and San Francisco Fed President Williams (FOMC voter) will be speaking at 9:40 a.m. ET and 11:15 a.m. ET, respectively. Both have expounded recently on their policy views, so they aren't expected to have market-moving influence today.
There isn't any economic data of note out of the U.S. that will be released today, so the stock market will be left to its own imagination when it comes to deciphering today's drivers.
Oil prices are an early focal point. They have slipped 0.6% to $67.90/bbl. That downturn, which comes with OPEC and Russia discussing their oil production cut agreement in Saudi Arabia, has been attributed to a tweet from President Trump who chastised OPEC, saying oil prices are artificially high and will not be accepted.
It could also be a case of oil prices pulling back on some profit-taking interest, too, considering the commodity had surged upwards of 12% over the last nine trading sessions.
Anyhow, the drop in oil prices and some expected profit taking in the energy sector, which is up 3.1% this week and 10.3% over the last month, could be counted as an element holding back buying interest.
That's the case from a broad market standpoint. There are some individual stocks making some outsized moves in pre-market trading.
General Electric (GE) is the most prominent of the bunch. It is up 6.6% following its better than expected (or is it better than feared?) first quarter earnings report. Honeywell (HON) is up 2.0% after issuing a pleasing earnings report and guidance and TransUnion (TRU) is up 6.4% after doing the same.
These stocks, though, are not carrying the broader market, which is churning on thoughts of remaining stuck in a trading range as it contemplates the interest rate outlook.