Seeking Alpha

Turkey-inspired rally fails; futures flat

  • Stock index futures (SPY, DIA, QQQ) are flat as earnings continue to pour in and ahead of the results of the FOMC meeting. Futures got a nice boost last night after Turkey jacked rates 425 basis points to combat the declining lira, but that bounce is gone, and Europe's flat after opening with big gains, and Turkey (TUR) is now lower by 1%.
  • The big mover in Asia overnight was Tokyo which gained 2.7%.
  • The 10-year Treasury yield is up one basis point to 2.77% and gold is up 0.8% to $1,261 per ounce.
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