Morning Brief
Headline News: The S&P 500 futures are down two points and are trading fractionally below fair value, the NASDAQ 100 futures are down 20 points. They are trading 0.1% below fair value, and the Dow Jones Industrial Average futures are down 25 points and are trading 0.1% below fair value. Stock futures indicate a lower open after yesterday’s bounce. News that the DOJ is considering remedies for a large communications services company, including a possible breakup in its antitrust case, has contributed to the negative bias. Overseas, Chinese markets continue to decline due to a lack of stimulus measures. Still, China’s Ministry of Finance announced a briefing for Saturday, October 12, to discuss fiscal policy and economic development. China’s Shanghai Composite dropped 6.6%. US Treasury yields have changed a little from yesterday’s settlement levels. The 10-yr yield is up one basis point to 4.04%, and the 2-yr yield is down one basis point to 3.97%. The weekly MBA Mortgage Applications Index dropped 5.1% after last week’s 1.3% decline. Other economic releases today include: 10:00 ET: August Wholesale Inventories (Briefing.com consensus 0.2%; prior 0.2%) 10:30 ET: Weekly crude oil inventories (prior +3.89 mln) 14:00 ET: September FOMC Minutes (Michael Gibbs, Managing Director,… Read More