The S&P 500 futures have pulled back this morning, trading 12 points, or 0.4%, below fair value after the benchmark index closed at a new high for 2019 yesterday. Another round of weak economic data in Europe has weighed on sentiment.
The latest flash Manufacturing PMI reading in Germany fell deeper into contraction, declining to 44.7 in March from 47.6 in February. France's manufacturing sector fell into contraction, as its PMI declined to 49.8 from 51.5. A reading below 50.0 denotes declining output.
Shares of Nike (NKE 83.70, -4.31), meanwhile, are down 4.9% in pre-market trading after the Dow component disappointed investors with its North American sales. Nike did beat earnings estimates, though. Fellow Dow component Boeing (BA 83.70, -3.70, -1.0%) remains under pressure after Indonesia cancelled an order of 49 Boeing 737 jets.
The U.S. Treasury market remains strong, driving yields even lower in a curve-flattening trade. The 2-yr yield is down three basis points to 2.37%, and the 10-yr yield is down seven basis points to 2.47%. The U.S. Dollar Index is up 0.2% to 96.64. WTI crude is down 1.3% to $59.18/bbl.
On the data front, investors will receive Existing Home Sales for February (Briefing.com consensus 5.10 million) and Wholesale Inventories for January at 10:00 a.m. ET. The Treasury Budget for February (Briefing.com consensus -$227.0 billion) will be released at 2:00 p.m. ET.