S&P 500 futures are 0.4% above fair value; the Nasdaq 100 futures are 0.4% above fair value; and the DJIA futures are 0.3% above fair value
Key factors driving the futures market:
Speculative buying interest based on belief that the market, down eight of the last nine sessions, is due for a bounce
Reports of Hong Kong and Macau easing COVID testing requirements
Beijing facing constraints on medical supplies as it deals with COVID outbreak, according to FT
ECB staff members reportedly considering a strike after being offered pay raises that are below the rate of inflation
Chinese President Xi meets with Saudi Arabia leaders today
Elon Musk's bankers could provide him with new margin loans supported by Tesla (TSLA) stock to replace high interest Twitter debt, according to Bloomberg
Brokerage research calls of note:
Upgrades: AIRC, AMH, DTE, HSY, MAA
Downgrades: APP, AVB, CASY, FLGT, INVH, KVHI, MERC, MRTX, MDLZ, OLLI, CRM
WTI crude futures +3.0% to $74.20/bbl; nat gas futures +2.4% to $5.86/mmbtu; copper futures +0.8% to $3.89/lb.
2-yr note yield +3 bps to 4.27% and 10-yr note yield +5 bps to 3.46%
The U.S. Dollar Index is flat at 105.12
Today's economic data: Weekly Initial and Continuing Jobless Claims at 8:30 a.m. ET
