There isn't much to be said for the U.S. stock market this morning. It is expected to start the session on a slightly lower note as the early news cycle has revolved around developments abroad.
Currently, the S&P futures are down three points, the Nasdaq 100 futures are down 24 points, and the Dow Jones Industrial Average futures are down 19 points.
The German election result has commanded much of the market's attention. As expected, the CDU/CSU alliance won the largest portion of the vote (33%), which will ensure Angela Merkel will remain Chancellor; however, that was the lowest win percentage for the alliance since 1949, according to Reuters.
Conversely, the right-wing, nationalist party -- Alternative for Germany (AfD) -- won 12.6% of the vote, which was a bigger win than expected and will make it the third largest party in the federal parliament with 94 seats.
The German bund yield has slipped three basis points to 0.42% and the euro has dropped 0.7% against the dollar to 1.187 in the wake of the election. Germany's DAX Index, however, has gained 0.2%.
Elsewhere, Japanese Prime Minister Shinzo Abe has called for a snap election to be held next month and Moody's has downgraded the UK's credit rating to 'Aa2' from 'Aa1' due in part to concerns about the country's Brexit position.
Market participants are digesting these developments, yet they haven't really done anything to change the mood of the market, which has been mixed of late as the major indices have been toying with new highs without much support from the information technology sector.
The latter has been dragged down by Apple (AAPL), which dropped 5% last week on concerns about iPhone 8 demand and technical shortcomings for the new Apple Watch.
AAPL is down another 1.2% in pre-market action.
There hasn't been a lot of corporate news to stir things up this morning. Target (TGT) said it will be raising its minimum wage to $11.00 per hour in October and reaffirmed its third quarter and full-year earnings outlook; ABB (ABB) is buying the General Electric (GE) Industrial Solutions business for $2.6 billion; and Deutsche Bank has upgraded General Motors (GM) to Buy from Hold.
There are other pockets of news, yet nothing is being held in too high regard as a market-moving piece of news.
New York Fed President Dudley noted in a speech this morning that he thinks the hurricane effects on the economy will be short lived and that the Fed sees scope to keep gradually removing policy accommodation. Chicago Fed President Evans and Minneapolis Fed President Kashkari, both of whom are FOMC voters as well, will be speaking at 12:40 p.m. and 6:30 p.m. ET, respectively.
On Tuesday, Fed Chair Yellen will be giving a speech at the NABE's annual meeting entitled "Inflation, Uncertainty, and Monetary Policy." Given the recency of the FOMC meeting, that speech isn't expected to hold a lot of surprises; nonetheless, it will be closely watched since it is the Fed chair after all who is giving it.