#sp500futuresfall
- S&P 500 futures are modestly lower near 7,680 as investors confront the combination of increasing global bond yields and concerns about Nvidia earnings this week. European equities opened lower, with the DAX down about 0.3% and the STOXX 600 off 0.1%, while Nasdaq futures are underperforming the S&P 500. Corporate earnings this week will confirm if AI growth can outperform increasingly expensive financing costs.
The macro hurdle has risen. Higher discount rates are particularly important for richly valued growth stocks. Positioning also offers less support: the latest CFTC report showed speculative S&P 500 futures positioning flipping net short after roughly 22,000 contracts were sold, although Nasdaq positioning increased by 29,000 contracts.
December S&P 500 futures remain within the broader rising trend, but short-term momentum has weakened with downside countertrend still in place. Rising channel support is near 7,650 and the 50D MA near 7,580 provides the more important downside support ... 3/4$SPX $BOME $NBISB
- S&P 500 futures are modestly lower near 7,680 as investors confront the combination of increasing global bond yields and concerns about Nvidia earnings this week. European equities opened lower, with the DAX down about 0.3% and the STOXX 600 off 0.1%, while Nasdaq futures are underperforming the S&P 500. Corporate earnings this week will confirm if AI growth can outperform increasingly expensive financing costs.
The macro hurdle has risen. Higher discount rates are particularly important for richly valued growth stocks. Positioning also offers less support: the latest CFTC report showed speculative S&P 500 futures positioning flipping net short after roughly 22,000 contracts were sold, although Nasdaq positioning increased by 29,000 contracts.
December S&P 500 futures remain within the broader rising trend, but short-term momentum has weakened with downside countertrend still in place. Rising channel support is near 7,650 and the 50D MA near 7,580 provides the more important downside support ... 3/4$SPX $BOME $NBISB
