The stock market enjoyed some bullish momentum at the end of last week that is going to carry over at the start of today's trading.
The S&P 500 futures are up 10 points and are trading 0.4% above fair value. The Nasdaq 100 futures are up 33 points and the Dow Jones Industrial Average futures are up 99 points.
The best anyone can do to explain the bullish bias is to suggest the trade concerns have been priced in already, the market is feeling confident the Federal Reserve won't take an aggressive rate-hike path, and that optimism about the second quarter earnings reporting period is bubbling to the surface.
There were also some nice-sized gains in Asian markets on Monday, led by China's Shanghai Composite, which jumped 2.5%.
What we know at this juncture is that there wasn't any thawing of trade relations over the weekend. Meanwhile, North Korea reportedly took exception to Secretary of State Pompeo's "request"for denuclearization; and Brexit Secretary Davis resigned over his opposition to UK Prime Minister's May Brexit plan.
In other words, it's not all rainbows and unicorns out there, yet the stock market is maintaining a stiff upper lip and refuses to get knocked down by a few jabs here and there.
There is a risk-on demeanor taking shape and it is manifesting itself in a weakening dollar and some selling activity in the Treasury market.
The latter is expected to provide some ballast for the financial stocks in the early going; and there seems to be a perma-bid in the mega-cap technology stocks.
An upward bias in the financial and information technology sectors is typically a good combination for the broader market, so look for their performance to dictate where this market goes in the wake of the opening bell.
Corporate news is fairly sparse and doesn't include any market-moving items per se.
There has been a good bit of attention on the positive earnings surprise from Helen of Troy (HELE) and reports that Groupon (GRPN) could be seeking a buyer, yet the added attention those companies are receiving is largely a function of the absence of news out of larger companies. HELE and GRPN both have market caps below $3 billion.
The only economic release of note today is the Consumer Credit Report for May (Briefing.com consensus $12.4 bln; Prior $9.3 bln), which will be out at 3:00 p.m. ET.
The scheduled event on everyone's radar today, however, is President Trump's naming of the nominee to the Supreme Court, which will take place at 9:00 p.m. ET.