The broader market rolled into the weekend on a flat tire, but this morning it looks as if a fix has been made. Air has been pumped back into the tire and the stock market appears ready to cruise.
The S&P futures are up eight points and are trading 0.3% above fair value. The Nasdaq 100 futures are up 52 points and are trading 0.8% above fair value.
Boeing (BA) has announced a series of new plane orders at the Paris Air Show; otherwise, there isn’t a great deal of corporate news to account for the positive bias. Apple (AAPL), Alphabet (GOOG), Microsoft (MSFT), Amazon (AMZN) and Facebook (FB), however, are all indicated higher in pre-market action following some positive coverage in this week’s edition of Barron’s.
Those five stocks tend to be temperature-taking stocks for many participants. If they’re up, the broader market tone tends to be warm. If they are down, the broader market tone is often cool, if not altogether cold.
A positive tilt in oil prices ($44.93, +$0.19, +0.4%) is also keeping traders’ spirits on the warm side this morning along with the positive bias that has prevailed in foreign equity markets.
Indices in Asia appeared heartened by relatively good home price data out of China and relatively good trade data out of Japan. Meanwhile, European bourses have cheered the results of France’s parliamentary election.
The latter provided a friendly legislative majority for President Macron to work with, which is regarded as a positive since Mr. Macron has been advocating for pro-business reform efforts. France’s CAC-40 is up 0.9%.
Today’s economic calendar is devoid of any notable releases. The only reports of note this week are the Existing Home Sales and New Home Sales reports for May, which will be released on Wednesday and Friday, respectively.
Several Fed speakers will be in the mix throughout the week, as will the discussion regarding the latest bank stress test results, which are expected to be released after Thursday’s close.
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