Futures lower but euro shows strength
Evan McDaniel | firstname.lastname@example.org
S&P 500 contracts are down 4.50 points, or 0.34 percent, at 1315.50 after a quiet a overnight session. Nasdaq 100 futures are lower by 7.50 points, or 0.29 percent, at 1537.25.
European indexes are pulling back as well, with the German DAX down 0.52 percent and the U.K. FTSE 100 off 0.13 percent. Despite that stock softeness, the euro gained against the greenback by 0.3 percent to 1.2552, which has helped commodities regain much of losses from last night.
Crude-oil futures are lower by 0.2 percent at 83.15 as of this writing after trading as low as 82.65 early this morning. Spot gold futures are down 0.25 percent to 1609.50, while silver futures are lower by 0.58 percent to 28.78.
Copper is the one bright spot among the metals, with contracts up 0.45 percent to 33.505, slightly off highs of 3.3695. That has helped lift Asian equity indexes, specifically Hong Kong's Hang Seng, which is up 0.82 percent.
Much like yesterday, U.S. equities will benefit from a weaker dollar and stronger euro as the session progresses, with the 1.254 level as support in the euro/dollar cross trade. The S&P 500 could remain in bullish territory if it can hold the 1313.50 level, with 1320 as immediate resistance.
In stock-specific news, McDonald's shares are down about 1 percent after the company was downgraded by Goldman Sachs. Dell is trading higher after announcing its first dividend. Phillip Morris is up more than 1 percent after announcing an $18 billion stock buyback over three years.