Stock Market Update

The stock market is on track for a lower open with futures on the S&P 500 trading 34 points below fair value.

The market is set to continue its shaky start to the week, which comes alongside pressure in the Treasury market that is driving yields on longer tenors back to their highest levels of the week after a night that also featured selling in Japanese Government Bonds.

There are also some geopolitical concerns at play after CNN reported that Israel could strike Iranian nuclear facilities. Crude oil briefly climbed past its 50-day moving average (63.85) to a fresh high for the month before narrowing its gain. The energy component remains up $0.89, or 1.4%, at $62.92/bbl.

On the earnings front, Target (TGT 91.90, -6.22, -6.3%) is set for a poor start after the retailer missed Q1 expectations and lowered its sales guidance for the year. Apparel company VF Corp (VFC 12.24, -2.19, -15.2%) is also tracking a sharply lower open after the company beat Q4 EPS expectations on below-consensus revenue while TJX (TJX 134.25, -0.68, -0.5%) is also expected to show early weakness in reaction to a slight Q1 EPS beat and below-consensus EPS guidance for Q2.