First Call June 16, 2021

Jun 16, 2021 | First Call

  • S&P futures little changed in Wednesday morning trading after US equities finished mostly lower in the prior session with growth snapping a seven-day streak of outperformance vs value. REITs and tech were among the laggards while energy jumped over 2%.
  • It's all about the Fed meeting today and the press conference at 2:30pm ET
  • Asian markets mostly lower overnight with China down over 1%. - charts of Shanghai, Hong Kong, and FXI on this note
  • I am adding FXI as a new short idea today
  • European markets modestly higher overall.
  • Treasuries are unchanged to a touch firmer out the curve with 10-year yields back below 1.50%. - chart on this note
  • Dollar slightly better vs euro and slightly weaker vs yen.
  • Gold flat.
  • Bitcoin futures down 2.3%, back below $40K. - A couple of charts on this note
  • WTI crude up 0.3%.
  • I will be posting a late Daily Note in the last hour after the Fed meeting.