Dow e-minis were up 155 points, or 0.74%, at 8:31 a.m. ET (1331 GMT), with 56,511 contracts changing hands. S&P 500 e-minis were up 16.75 points, or 0.71%, with 288,513 contracts traded. Nasdaq 100 e-minis were up 34 points, or 0.64%, on volume of 49,006 contracts.
The one market that is on the move today is arguably the most important market of all: the U.S. Treasury market. There's an old trading axiom that the bond market attracts the "smartest" traders, so it's always worth monitoring closely. Based on what we're seeing in the benchmark 10-year bond yield, bond traders are showing signs of shifting into a more defensive posture.
In the absence of much economic data today and with the Fed taking the day off from public appearances, it appears we may be seeing some profit taking from traders which could see all three indices end the session in the red for the first time in a couple of weeks. We do have new home sales and UoM consumer sentiment data due out in today’s session but it may take something rather substantial to tempt buyers back in as we near the end of the week.
U.S. stocks suffered their steepest declines so far this year with Dow Jones and S&P 500 both declining 0.6% on Tuesday. Meanwhile operating Asian markets are all in red led by Japanese stocks despite the BoJ upgrading growth estimates for the next two years and as expected keeping monetary policy unchanged.
You can finally get the milk and cookies. Stuart Varney at Fox Business was thrilled. The Dow finally hit 20,000 during his show. It only took an extra month. The stock market must love the new administration because it waited just long enough for Trump to take credit.