Yesterday’s S&P 500 bloodbath is trying to stabilize, and price action is modestly higher at best. Economic data is in focus early and it was a bleak start after European Services and Composite PMIs came in below expectations.
U.S benchmarks are working higher from Friday’s trade scare. It was reported the White House is considering both delisting Chinese companies from U.S stock exchanges and imposing restrictions on U.S investments in China.
Corn Export Sales came in at a disappointing 494,000 metric tons. That coupled with some position squaring ahead of Monday’s quarterly stocks report and the end of the month brought prices back near technical support.
U.S benchmarks have been working higher since the opening bell swoon yesterday and since price action Wednesday morning held the overnight low; the range has been about 1% and gyrating higher with 3000 broadly acting as a psychological ceiling.