US equities are poised to open down over a half percent this morning, and equity index futures are at session lows thanks to fresh trade tape-bombs from the President. His comments, which suggested that he doesn’t think a trade deal is necessary before the election, quickly turned what was a positive picture for equity futures negative (see chart below).
There’s little in the way of economic data on the calendar today, so it looks like another day of China-trade related back and forth. Keep in mind too, that even after yesterday’s pullback, the S&P 500 is over 2.5% above its 50-day moving average and nearly 6% above its 200-day moving average. In other words, we have been overdue for a pause at the very least.
See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week free trial to Bespoke Premium. CLICK HERE to learn more and start your free trial.