S&P 500 Futures Bounce Back After Overnight Drop
Tim Knight | Aug 14, 2023 09:01AM ET
Good morning, everyone, and welcome to the new week. There isn’t much going on in the market since the earnings season is pretty much over and there aren’t any meaningful economic events forthcoming. I actually prefer that because the market can actually have a bit of freedom based on good old supply ‘n’ demand instead of some binary event.
The S&P 500 Futures were on a nice, steady track lower on Sunday, but over the course of the night, For No Particular Reason, is blasted higher by 35 points. That seems to have burned off, and as I am typing these words, the /ES is essentially unchanged.
A steadier trend lately has been the US Dollar’s strength against the Yen.
This persistent strength isn’t helping gold, which is taking a tumble this morning.
The only outsized equity news is in the form of United States Steel Corporation (NYSE:X) (a stock which, in a flashback to the valuations of 1982, has a P/E ratio of 3.6!) It seems that “X” wouldn’t mind selling itself, so it has jolted higher pre-market.
Let’s see how things look after the cash market is open a while. I’ll see you then.
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