💭   Futures Drop, Dollar Gains After Latest China Stimulus Disappoints

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The record election rally has finally fizzled and futs are slightly lower after China's stimulus package revealed this morning disappointed investors. As of 8:00am ET, S&P futures were trading at exactly 6,000, down 0.1% from the first ever closing high above 6,000 but still on track for its best week in a year on the prospect of tax cuts and deregulation under Trump. Nasdaq futures are down 0.3%. Bond yields are 3bp lower after the Federal Reserve delivered a quarter-point interest-rate cut and left the door open for further easing next month; the dollar reversed some of yesterday's sharp losses when markets fretted they had taken Trump trades too far (they haven't).

ZeroHedge Opinion     Nov 08, 2024