Investors are looking to kick off the new year on a positive note, pushing the S&P 500 futures 10 points, or 0.4%, above fair value.
Things have been pretty quiet this morning, and it wouldn't be surprising if it stayed that way throughout the session as investors reluctantly return from the extended holiday weekend. However, it also wouldn't be surprising to see a reversal in this morning's upbeat tone as the new lower tax rates may invite traders to lock in last year's gains.
Elsewhere, the Euro Stoxx 50 (-0.6%) is on track for its sixth consecutive loss despite an in-line reading for the December Eurozone Manufacturing PMI (60.6). Conversely, equity indices in the Asia-Pacific region finished Tuesday on a mostly higher note, with Hong Kong's Hang Seng (+2.0%) pacing the advance.
In the bond market, U.S. Treasuries have been selling off this morning, sending yields higher across the curve; the benchmark 10-yr yield is up one basis point at 2.42%.
Investors will not receive any economic data today. The week's first notable report--the December ISM Manufacturing Index (Briefing.com consensus 58.0)--will cross the wires on Wednesday, followed by the weekly Initial Claims Report (Briefing.com consensus 239K) on Thursday and the December Employment Situation Report (Briefing.com consensus +188K) on Friday.