Nasdaq, S&P, Dow Jones futures drift with durable goods on tap
Posted On August 24, 2022
Stock index futures are down slightly Wednesday as the market looks likely to extend the sideways trading of the previous session.
Nasdaq 100 future (NDX:IND), S&P futures (SPX) and Dow futures (INDU) are down 0.2%.
After the S&P was rebuffed at the 200-day moving average resistance, the focus of the recent dip is on the the 100-day and 50-day MAs at 4090 and 3969, BofA says.
Rates are similarly steady with the start of Jackson Hole just a day away. The 10-year Treasury yield (US10Y) is flat at 3.05% and the 2-year yield (US2Y) is up 1 basis point to 3.32%.
“Within the world of DM rates, it is fair to say that no bond is in favor at the moment. The rise in yields has been broad-based, and accompanied by a toxic rise in both implied volatility, and of market-based inflation expectations,” ING said. “The former suggest an eroding of government bonds’ safe-haven status, the latter show the return to persistent inflation concerns.”
July durable goods numbers arrive before the start of trading, with expectations for smaller gains than June. Economists predict a 0.6% rise, with a 0.2% gain in core goods orders.
Pending home sales figures for July are due after the start of trading. The forecast is for a 4% decline.