S&P Futures Rally After Weekly Loss as Tech Outperforms: Market Update

S&P Futures Rally After Weekly Loss as Tech Outperforms: Market UpdateAs we head into the busiest two-week period of the year, futures are looking stronger following the S&P's first weekly loss in seven weeks. Tech and Small-Caps are outperforming with the yield curve bear steepening and USD flat reversing an earlier spike. This comes after a surprise outcome to Japan's election this weekend which saw the ruling LDP lose its parliamentary coalition majority for the first time since 2009. Markets breathed a sigh of relief after Israel’s retaliatory strikes against Iran were similar to those in April, avoiding oil and nuclear facilities, causing crude to tumble 5%. As of 8:00am ET, S&P futures were up 0.5%, but well off session highs; Nasdaq futures gained 0.6% with Mag 7 and semi stocks higher premarket. In premarket trading, airlines, whose fuel costs are linked to oil prices, were among the biggest gainers while energy stocks fell.

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