Stock Market Update

Equity futures continue pointing to a higher open with futures on the S&P 500 trading 40 points above fair value.

The early advance in futures reflects an improvement in sentiment after the weekend went by without the U.S. getting directly involved in the Israel-Iran conflict, though President Trump left the door open to that possibility in weekend comments made to ABC News.

Crude oil rallied to levels not seen since early February last week, and it has already shown some volatility this morning, having approached its high from Friday (77.62) before turning negative. The energy component is currently down $1.21, or 1.7%, at $71.77/bbl.

The market did not receive any top-tier data today, leaving the focus on the conflict in the Middle East and potential trade-related headlines that could emanate from the ongoing G7 meeting in Canada.

Treasuries started the day in negative territory with the 10-yr yield rising one basis point to 4.43%.