Despite the unchanged nature of the S&P 500, it's been a volatile week for some groups with swings in tech stocks being the most influential and leaving the Nasdaq lower by about half a percent on the week. Given their leadership nature, the tech sector will remain a primary focus as the market tries to find direction over the next several weeks.
The financial and energy sectors have also been areas of focus this week, with the Fed raising rates and announcing plans for balance sheet normalization, while oil weakness persisted this week on supply concerns. Oil is rebounding around 0.9% this morning while financials are little changed.
The week has also dealt with some political volatility, with an expanding investigation into President Trump and whether he tried to obstruct justice.
U.S. equity futures are edging higher this morning, with S&P futures up one point and Nasdaq futures up 5 (+0.1%). This follows a generally positive performance in most overseas markets overnight, with the exception of China.
In Asia, Japan's Nikkei rose 0.6% after the Bank of Japan left monetary policy unchanged, as expected. The yen weakened as a result and helped support stocks there. China's Shanghai traded in a tight range before closing down 0.3% after a lackluster session.
In Europe, news that the IMF will provide Greece bailout funds helped the tone, and has helped Greece's Athex Index rise 1.5%. The other major bourses are trading higher ahead of the weekend as well.
There were a few pieces of U.S. housing data to digest, with May Housing Starts and Building Permits both coming in below expectations. The data has led to a downtick in futures and is weighing on homebuilders such as Toll Brothers (TOL), Lennar (LEN), KB Home (KBH) and DR Horton (DHI), and the report will factor into second quarter GDP computations by way of the data provided for the number of units under construction.
After the open the preliminary reading of the University of Michigan Consumer Sentiment Index for June will be released at 10:00 ET.
In U.S. corporate news, optical communication component maker Finisar (FNSR) initially traded lower after reporting disappointing earnings and guidance, but reversed off its after-hours lows and is now trading higher following encouraging commentary on its conference call. Steel Dynamics (STLD) is ticking lower after it guided Q2 earnings below consensus. Booz Allen Hamilton (BAH) shares are down 12% after the company disclosed a DoJ investigation.