Index futures, the overnight tape, and the calendar that matters today.
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This is the CAMS Morning Market Brief for Thursday, August thirteenth.
Index futures point to a mixed but mildly firmer open. S&P futures are up about a tenth of a percent, Dow futures a bit better at roughly two tenths, and small cap futures also modestly higher. Nasdaq futures are the odd one out, down about a tenth. That is a quiet reversal of yesterday's leadership.
Because yesterday belonged to technology. The Nasdaq 100 closed up about seven tenths of a percent, the S&P added a quarter percent, small caps gained a little better than half a percent, and the Dow finished essentially flat. Beneath the surface, eight of eleven sectors advanced. Technology led by nearly one and a half percent, with real estate and utilities behind it. Materials, consumer discretionary and communications were on the other side.
Volatility stayed quiet. The VIX sits near fourteen and a half, barely changed on the day, which says the options market is not bracing for much.
The calendar is really the story this morning. Producer price inflation, headline and core, lands at eight thirty Eastern alongside weekly jobless claims. That is the last significant inflation read before retail sales tomorrow morning and the Fed minutes next Wednesday. Overseas, British GDP came in overnight.
So the market wakes up to an inflation number, a slightly cooler tone in technology, and a very calm volatility backdrop.
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