Index futures, the overnight tape, and the calendar that matters today.
Read the transcript
This is the CAMS Morning Market Brief for Friday, August 14.
Index futures are close to flat this morning, but there is a split underneath. Nasdaq futures are up a bit over a tenth of a percent and S&P futures are hugging unchanged, while Dow futures are down roughly two tenths and small caps are a touch softer. The tape is leaning toward large cap technology again and away from the older industrial names. A continuation of yesterday, not a reset.
Yesterday finished green across the board. The Nasdaq 100 led with a gain of about one point two percent and the S&P 500 added roughly seven tenths. Breadth was constructive. Eight of eleven sectors closed higher, with communications up about two percent, and real estate and consumer staples also firm. Materials was the weakest, down about half a percent.
Volatility stayed quiet. The VIX slipped again to just over fourteen and a half, near the low end of its recent range, which says the options market is not pricing much drama ahead.
The calendar is the reason to pay attention today. Retail sales, headline and core, arrive at eight thirty Eastern. Preliminary University of Michigan consumer sentiment and inflation expectations follow at ten. Two reads on the American consumer inside ninety minutes, into a market that has leaned on the consumer story all summer. Next week brings FOMC meeting minutes on Wednesday afternoon.
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