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Briefing.com Summary:

*The equity futures market is trading with a mixed disposition.

*Oil prices have swung to and fro but are little changed at the moment.

*The Bank of Japan raised its key policy rate by 25 basis points, as expected.

The stock market enjoyed a nice rebound yesterday as oil prices and bond yields fell, and AI stocks got going again with an upside push. There hasn't been much follow-through this morning, however.

Currently, the S&P 500 futures are down four points and are trading in line with fair value, the Nasdaq 100 futures are up 36 points and are trading 0.1% above fair value, and the Dow Jones Industrial Average futures are down 146 points and are trading 0.2% below fair value.

We turn our attention to the usual suspects for an explanation of the mixed disposition.

• WTI crude futures are up 0.2% to $102.14/bbl.
• Mega-cap stocks are mixed.
• The 10-yr note yield is up three basis points to 4.98%.

In other words, there isn't much conviction in key corners of the capital markets. To be fair, there is a little more conviction in the currency market. The U.S. Dollar Index is up 0.3% to 100.56, with the dollar flexing some muscle at the Japanese yen after the Bank of Japan failed to convince participants that it is pivoting to a more hawkish stance with its monetary policy.

Granted the Bank of Japan raised its key policy rate by 25 basis points to 1.25%, as expected, but it was a 7-2 vote. The two dissents favored no change in the policy rate. There was some attention to the risk of inflation deviating beyond the 2% target, but the policy announcement was generally thought of as lacking the teeth some thought it would have given the need to prop up the yen and the Fed's signalling that it could raise rates again.

This macro matter is getting some air time as a possible reason why Treasury yields pushed higher overnight. The supposition is that renewed weakness in the yen could eventually invite some selling of Treasuries by Japan if it feels compelled to intervene again to support its currency.

That is a working theory on an otherwise slow morning for corporate news. The AI safety narrative is still very much in play, but no real new ground has been broken on that front.

Berkshire Hathaway (BRK.B) provided some breaking news with an announcement that Warren Buffett will become Chairman Emeritus, effective immediately, and that his son, Howard, has been elected Chairman of the Board. Some eager consumers, meanwhile, are perhaps breaking ground under their feet getting into Apple (AAPL) stores this morning, aiming to buy the iPhone 18, which was rolled out for sale today.

Separately, Netflix (NFLX) is feeling the pinch of a Wells Fargo downgrade to Underweight from Equal Weight, and Steel Dynamics (STLD) and Nucor (NUE) are languishing after issuing Q3 guidance that is below current consensus estimates.

--Patrick J. O'Hare, Briefing.com