Foreign Markets, Fair Value and Volume:
- In Asia 6 out of 11 markets closed lower: Shanghai Comp -0.41%, Hang Seng -0.57%, Nikkei +0.24%
- In Europe 12 out of 13 markets closed lower: CAC -1.47%, DAX -1.43%, FTSE -0.89%
- Fair Value: S&P +1.44, NASDAQ +10.06, Dow -4.01
- Total Volume: 1.92 million ESM & 284 SPM traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes Chicago Fed National Activity Index 8:30 AM ET, Raphael Bostic Speaks 8:50 AM ET, Patrick Harker Speaks 9:30 AM ET, John Williams (NYSE:WMB) Speaks 1:00 PM ET, Richard Clarida Speaks 1:00 PM ET, and Jerome Powell Speaks 7:00 PM ET.
S&P 500 Futures: Late China Headlines Weaken The Index Markets
During Thursday nights Globex session, the S&P 500 futures (ESM19:CME) printed a high of 2882.50, a low of 2852.50, and opened Friday’s regular trading hours at 2853.00.
After a 25 handle selloff overnight, the ES was able to gather some strength going into the 8:30 CT open, and traded up to an early high at 2867.50. From there, the futures did a little back and fill down to 2857.75, before buyers stepped in and started squeezing the overnight shorts. By 10:15 the ES had rallied up to 2887.25, 30 handles off the low.
Once the morning high was established, the futures made a run for some sell stops, eventually trading back down to 2869.00, before consolidating in a sideways range until the late afternoon. At 2:00, CNBC came out with a headline announcing that trade talks with China had stalled, and the ES tumbled down to 2857.50.
When the 2:45 cash imbalance reveal came out showing $1.3 Billion to sell, the ES had popped back up to 2864.25. It would then go on to print 2860.75 on the 3:00 cash close, and 2862.50 on the 3:15 futures close, ending the week on a low note, and down 16 handles on the day.
In the end, the overall tone of the ES was weak. In terms of the days overall trade, total volume was high, with 1.9 million futures contracts traded.
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