There's not a lot to say so far about today's dealings. Market-moving news has been sparse and the residual themes underpinning the market have not changed.
Political uncertainty persists, the dollar remains weak against other major currencies, job growth is strong, earnings growth is strong, interest rates are low, and the combination of low volatility and relatively high valuation remains a key talking point.
To be sure, there is a lot to talk about, yet it hasn't been lost on market participants that there isn't really anything "new" to talk about, so the stock market just plods along on a familiar course.
The S&P futures are up two points, the Nasdaq 100 futures are up nine points, and the Dow Jones Industrial Average futures are up 28 points. Those gains have them all trading a smidgen above fair value.
Granted buyers aren't showing any real conviction, yet the more notable takeaway is that sellers aren't either following the recent, record-setting moves by the major indices.
It appears that market participants are latching on to the notion that the trend is their friend and have yet to latch on to a catalyst that is concerning enough to force them out of stocks. There could be one lurking, yet hypotheticals aren't doing any damage since so many potential worst-case scenarios have been averted in the past.
The common link between the past and the present has been low interest rates, so if one wanted to put their finger on a potential spoiler, a spike in interest rates would be in the mix. Again, though, it can be inferred from the low reading for the CBOE Volatility Index that this market is more inclined to react to something bad happening than to hedge ahead of time for something bad happening.
That can create some bad outcomes when something bad happens, yet it's a bridge this market seems content to cross when it gets to it.
The news it is getting to this morning includes the report that the UN imposed more sanctions on North Korea. The focal point for the market, however, isn't North Korea's belligerent response to the sanctions; rather, it is the assumption that China's vote for the sanctions could temper trade tensions between the U.S. and China.
In other news, there are reports that United Technologies (UTX) might be interested in acquiring Rockwell Collins (COL); and oil prices are down ($49.05, -$0.53, -1.1%) ostensibly on concerns about excess production, yet one shouldn't dismiss the real possibility that it is just profit taking after an 11% gain in oil prices over the last month.
OPEC and non-OPEC members are meeting in Abu Dhabi for a two-day affair to discuss compliance issues.
The only item of note on today's economic calendar is the Consumer Credit Report for June (Briefing.com consensus $16.2 bln; prior $18.4 bln), but if this report is eventually said to have moved the market, then one will know how starved this market is for "new" news since the consumer credit report never moves the market.
As things stand now, the stock market will be nudged at the open, but it won't really be moved by much of anything that is new.