Futures Signal Lower Open Thu Mar 27 09:11:00 EDT 2014 | Briefing S&P futures vs fair value: -3.10. Nasdaq futures vs fair value: -4.30. The stock market is on track to begin todays session on a cautious note as futures on the S&P 500 trade three points below fair value. Index futures held gains during the overnight session and notched fresh highs as European markets opened for action before sliding to new lows during the past 45 minutes. Interestingly, the retreat took place following some upbeat economic data as the final reading of Q4 GDP (+2.6%) matched the Briefing consensus estimate while weekly initial claims (311K versus Briefing consensus 330K) beat estimates. It is also worth mentioning that the real final sales component of GDP was revised up to 2.7% from 2.3%, representing the strongest reading since Q2 2012. Treasuries retreated into the 8:30 ET release of economic data, but returned to their flat lines after the data points hit. Currently, the benchmark 10-yr yield hovers right above 2.70%. One more data point remains on the schedule in the form of the Pending Home Sales report for February (expected -0.2%), which is set to cross the wires at 10:00 ET.
Posted on: Thu, 27 Mar 2014 13:35:23 +0000
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