Following yesterday’s market rebound, US equity futures are up, but not as robust as EU markets. At 7:50am, S&P and Nasdaq futures have risen by 0.2%, with Mag7 stocks showing a mixed performance. Despite NVDA dropping by -63bps and MSFT remaining stagnant, Semis are on the rise as investors eagerly await key earnings reports after the market close. The yield curve is steepening, with the 10Y yield up by 1bps. The dollar remains steady, while commodities show a decline across all three complexes. Today’s focus is on macro data releases such as JOLTS and Consumer Confidence, setting the stage for a relatively calm trading session ahead of significant central bank meetings featuring the BOJ and the Fed tomorrow. While no major shifts are anticipated, both meetings could impact the yield curve. Market expectations currently do not predict any changes from the Fed tomorrow, although there is a slight chance of a 50bps cut in September.
During premarket trading, CrowdStrike saw a 4% drop following a CNBC report revealing that Delta Air Lines has hired attorney David Boies to explore potential damages against the cyber security company and Microsoft in the aftermath of a recent widespread outage. On the other hand, JetBlue Airways surged by 4% after announcing plans to reduce capital spending by $3 billion through 2029 and implementing strategies to increase pre-tax income by up to $900 million. Here are some of the other notable movers in the US market before the opening bell:
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