S&P 500 futures 0.2% below fair value; Nasdaq 100 futures 0.5% below fair value; DJIA futures 0.1% above fair value
Key factors driving the futures market:
Cooling off from Friday
Lingering growth concerns
China reported weaker-than-expected retail sales, industrial production, and fixed asset management data for April
India reportedly banned wheat exports over the weekend, threatening to exacerbate food shortages and rising commodity prices
EC lowered its 2022 growth outlook for the eurozone to 2.7% from 4.0%.
Goldman Sachs (GS) Senior Chairman Lloyd Blankfein says companies should prepare for US recession, according Bloomberg
Shanghai will conduct phased reopening of businesses, according to The Wall Street Journal
Finland and Sweden apply for NATO membership. Turkey will not block those countries from entering alliance, according to NY Times
Research calls of note:
Upgrades: NFLX, NTES, CI
Downgrades: FIGS, RNG, TWLO
WTI crude futures -1.0% to $109.43/bbl; wheat futures +12.28, +0.50, +4.3%
10-yr note yield -2 bps to 2.92%; 2-yr note yield +1 bps to 2.60%
Today's economic data: Empire State Manufacturing Survey for May (Briefing.com consensus 15.0) at 8:30 a.m. ET and Net Long-term TIC Flows for March at 4:00 p.m. ET
