Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 10 out of 11 markets closed lower: Shanghai Comp -0.52%, Hang Seng -0.94%, Nikkei -2.84%
- In Europe 13 out of 13 markets are trading lower: CAC -1.47%, DAX -0.95%, FTSE -0.16%
- Fair Value: S&P +1.91, NASDAQ +20.00, Dow -0.48
- Total Volume: 2.84mil ESH & 1,431 SPH traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes Weekly Bill Settlement, Jobless Claims 8:30 AM ET, Philadelphia Fed Business Outlook Survey 8:30 AM ET, Leading Indicators 10:00 AM ET, EIA Natural Gas Report 10:30 AM ET, Fed Balance Sheet and Money Supply 4:30 PM ET.
S&P 500 Futures: Facebook (NASDAQ:FB) Lawsuit Rains Down On Fed Rally?
After chopping higher in the overnight session, the S&P 500 futures opened yesterday’s cash session at 2549.25, and in the opening minutes sold off down to what would be the low of day at 2546.75. After that, heavy buy programs pushed the equity markets higher, up to 2571.00 just before 9:00, and then to the mid morning high of 2574.25 just before 10:00. From there, the futures retraced back to 2562.00 just after 10:30, and then ran up to a late morning high of 2580.75. A wave of selling came not long after the late morning high was printed when a headline came out saying the Washington, D.C. attorney general was suing Facebook over the Cambridge Analytica scandal.
The afternoon saw a move down to an early low of 2564.25, and then a bounce into the 1:00 FOMC statement, which turned into a rip up to 2592.00 following the release, but tanked in short order back down to 2535.25 in less than 15 minutes. The futures then bounced up to 2568.25 before tanking again down to 2489.50 heading into the final hour.
As the MiM was showing $1.5 billion to sell, the S&P’s rallied in the final hour up to 2519.00, and then chopped into the close, printing 2506.25 at 3:00, and settling the day at 2504.75, down -33.25 handles, or -1.3%.
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