Stock Market Update

The stock market is on track for a mixed, but largely flat, start with futures on the S&P 500 trading five points below fair value after spending the morning in a steady rise off overnight lows while Nasdaq futures are up five points above fair value.

The slight change follows an overnight session that saw the release of China's first contractionary reading of the Caixin Manufacturing PMI (48.3) in eight months while eurozone's CPI decelerated to 1.9% in the flash reading for May ahead of Thursday's expected rate cut from the ECB.

Investors did not receive any data this morning, but April Factory Orders (Briefing.com consensus -3.1%; prior 4.3%) and April job openings (prior 7.192 mln) will be released at 10:00 ET.

Treasuries hold modest gains with the 10-yr yield down three basis points at 4.43%.