Futures flat ahead of inflation numbers
Evan McDaniel | firstname.lastname@example.org
S&P 500 futures are up 1.25 points, or 0.1 percent, at 1309.75 at the time of this writing. Nasdaq 100 contracts are unchanged at 2522.50 after trading as high as 2537 early this morning.
European markets are down for a second day, with the U.K. FTSE 100 off 0.66 percent and the German DAX lower by 0.54 percent. Much of the weakness in the region is a result of Moody's downgrade of Spanish and Cyprus sovereign debt ratings late yesterday.
Spain's 10-year bond yield jumped to its highest level in more than a decade at 6.998 percent, nearing the 7 percent zone that is generally considered unsustainable. In addition, the euro is down against the U.S. Dollar Index and is keeping a lid on the S&P 500 at the 1310 level.
Asian indexes are also lower, with Hong Kong's Hang Seng index leading the weakness down 1.15 percent. Copper prices slumped again to the 3.33 level after Credit Suisse lowered its growth forecast for China to 7.9 percent from 8.2 percent for the year
Crude oil is unchanged on the day at 82.50 after a seesaw overnight session, with support remaining at the 82.40 level. A move below 82 could push oil down to 80, while a rise over 83.10 could signal a move back to 85 if the dollar were to back off its highs.
Spot gold futures are slightly higher by 1.20 points at 1620.60 a contract. Silver is off 0.121 points, or 0.42 percent, at 28.82.
In stock-specific news, U.S. banking shares are mostly unchanged but may see movement again in JP Morgan on the heels of CEO Jamie Dimon's congressional testimony yesterday. JPM closed higher by 1.6 percent yesterday and is up fractionally in the pre-market.