Monday's Close

E-mini S&P 500 Futures (September): Settled at 4280.50, up 9.25

E-mini Nasdaq-100 Futures (September): Settled at 14,512.50, up 173.50

The Delta Variant grabbed headlines yesterday and markets reacted. Tech stocks led the way as traders and managers pulled out their 2020 Covid-19 playbooks. The Nasdaq gained 1.2% and dragged the S&P along for a 0.2% gain on the session. Energy -3.33%, Financials -0.81%, and Industrials -0.52% were the worst performers, and this sent the Dow down 0.49%. 

Treasuries were bid yesterday too, but this seems to have dissipated for now, signaling that Delta is less of a concern. Also, the Dow’s small positive this morning ahead of the bell is leading U.S. benchmarks and we expect that snapback to continue. 

As we said in yesterday’s daily Midday Market Minute, the data this week will matter. Things start to pick up today. Case Shiller was mixed, but overall better. At 9:00 a.m. CT we received the closely-watched CB Consumer Confidence for June. Tonight, we look to Chinese PMI data due at 8:00 p.m. CT.

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