It's an options expiration day, which means trading volume should pick up some. It doesn't necessarily mean, though, that the stock market will pick up. It might, but for now, the stock market is set for a lower open.
The S&P futures are down six points and are trading 0.3% below fair value. The Nasdaq 100 futures are down 36 points and the Dow Jones Industrial Average futures are down 17 points.
There isn't much that is new to offer as the basis for why there is a lack of buying conviction. That, however, could be why there is a lack of conviction.
Market participants are kicking back in the same whirlpool of headlines pertaining to trade, geopolitics, oil, interest rates, and peak earnings concerns.
Recent trade headlines sum things up well in terms of being stuck in the whirlpool.
To that end, China reportedly offered a plan to cut its trade surplus with the U.S. by $200 billion, yet China's foreign ministry said that isn't true. Yesterday, Canadian Prime Minister Trudeau said there was a good NAFTA deal on the table only to be followed by U.S. Trade Representative Lighthizer who said they were "nowehere near close to a deal."
The swirl of news has created a churning stock market this week, evidenced by the performance of the S&P 500, which is down 0.3% entering today's session. Five S&P 500 sectors are up this week and six S&P 500 sectors are down.
There isn't any economic data today to drive the stock market, yet there are several corporate headlines that have caused some trading waves.
Applied Materials (AMAT), Nordstrom (JWN), and Campbell Soup (CPB) are all trading lower following their earnings reports. Deere & Co. (DE) is little changed
Amgen (AMGN) is up after getting FDA approval for a drug to prevent migraines; and CBS (CBS) is up after its Board proceeded with a vote to declare a pro rata dividend that would dilute the voting interest of National Amusements from approximately 79% to approximately 20%.
The weakness in AMAT after some disappointing revenue guidance, and some expected weakness in related semiconductor stocks, is acting as a weight on the Nasdaq 100 futures along with Alphabet (GOOG), which is down 1.5%. Reportedly, '60 Minutes' is going to air a piece on Google Sunday night that investigates, among other things, whether it is a monopoly.
Anyhow, the drag of the information technology sector will be a drag on the broader market, which is looking a bit wrinkled for now as it hangs out for an extended time in the headline whirlpool.