Futures trim losses as tech shows some pep
- Stock index futures are paring some losses as the opening bell gets closer. The S&P futures are flat after slipping 0.4% overnight.
- Sectors are mostly down premarket, but the one exception is Technology. That's actually a good sign for the index, which has missed out on a record close in the last couple of session. Tech is what got it here and tech will likely pull it over the finish line.
- All of the Fab 5 megacaps show modest premarket gains, with eyes on Apple as it closes in on a $2T market cap.
- Weighing on broader sentiment is the stalemate over economic stimulus in Washington, the seizure of Iranian fuel cargo, renewed travel restrictions in Europe and a fall in Chinese retail sales. The U.S. releases its retail sales figures at 8:30 a.m. ET.
- "If [the data is] less bad, that's good. But what may be necessary to climb over and maintain the new highs is evidence that the trajectory is increasingly strong and positive," said Quincy Krosby, chief market strategist at Prudential Financial.
- Rates are rising again, with the 10-year Treasury yield moving above 0.7% for the first time since late June.
- Traders are also bracing for high-level trade talks between U.S. and Chinese officials over the weekend, with Vice Premier Liu He expected to bring up concerns over the executive orders against WeChat and TikTok.
