Index futures, the overnight tape, and the calendar that matters today.
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This is the CAMS Morning Market Brief for Wednesday, August twelfth.
Stock index futures are pointing higher this morning, and the push is coming from the growth end of the market. Nasdaq futures are up about seven tenths of a percent, S and P futures up about three tenths, Dow futures up a little over two tenths, and small cap Russell futures up roughly three tenths as well. That points to a firmer open.
It is a change of tone from yesterday. The S and P 500, the Nasdaq 100 and the Dow all finished down about a third of a percent, while the Russell 2000 closed up a third of a percent. Underneath, seven of eleven sectors fell. Energy led, up about one and a quarter percent, with utilities right behind at roughly one point two, and industrials also higher. Real estate was the weakest, down about seven tenths, with communications and consumer discretionary also in the red.
Volatility stayed calm. The VIX sits near fifteen and a half, essentially unchanged.
The main event of the week is already on the tape. Consumer price index data, headline and core, was released at eight thirty Eastern, and that reading shapes the whole session. Tomorrow brings producer prices and weekly jobless claims. Friday adds retail sales and the preliminary consumer sentiment and inflation expectations surveys. Further out, the Federal Reserve releases meeting minutes on the nineteenth.
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