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Updated: 10-Jul-24 09:06 ET

Mega cap stocks remain in command position

The S&P 500 futures are up 13 points and are trading 0.2% above fair value, the Nasdaq 100 futures are up 73 points and are trading 0.4% above fair value, and the Dow Jones Industrial Average futures are up 22 points and are trading 0.1% above fair value.

Early trading features a positive bias after another gain in the S&P 500 and Nasdaq Composite yesterday. Pre-open gains in mega cap stocks are supporting the broader market so far. A pullback in market rates has also contributed to the upside bias. The 10-yr note yield is down three basis points to 4.27% and the 2-yr note yield is down two basis points to 4.61%.

Fed Chair Powell will continue his semiannual monetary policy testimony before the House Financial Services Committee today.

The weekly MBA Mortgage Applications Index dropped 0.2% after a 2.6% decline last week. Other data today:

10:00 ET: May Wholesale Inventories (Briefing.com consensus 0.6%; prior 0.1%)
10:30 ET: Weekly crude oil inventories (prior -12.16 mln)

In corporate news, Microsoft (MSFT) gave up its seat as an observer on OpenAI board and Apple (AAPL) will not put observers on the board, according to FT.