2023-06-27 06:17:05 ET
Stock index futures were mixed Friday following a decline to start the week, with growth stocks rebounding a little.
Nasdaq 100 futures ( NDX:IND ) +0.5% were performing the best. S&P futures ( SPX ) +0.2% rose and Dow futures ( INDU ) were flat.
Tech stocks also continued to struggle in the previous session. The Nasdaq (COMP.IKND) and FANG+ index ( FNGS ) fell to a 2-week low, "with the latter seeing its sharpest daily fall since February," Deutsche Bank noted. "The FANG+ decline came as all 10 stocks were lower."
The yield curve flattened a little. The 10-year Treasury yield ( US10Y ) rose 2 basis points to 3.74% and the 2-year yield ( US2Y ) fell 4 basis points to 4.69%.
ECB President Christine Lagarde remained hawkish at her Sintra speech this morning.
"The president repeated the message from last month’s policy meeting that the central bank is all but certain to raise rates in July, but otherwise noted that: 'My intention is not to signal any future decisions, but rather to frame the issues that monetary policy will face in the period ahead,'" Pantheon Macro said. "In other words, the president refuses to get pinned down on the decision in September. Judging by the tone of today’s speech more generally, however, we are sticking with our view that the ECB will increase its key policy rate by 25bp in September."
Back in the U.S., May durables good orders arrive before the bell. Economists expect a 1% decline, with core orders falling 0.1%.
"US May durable goods orders data has a very wide forecast range, so the consensus number is not a reliable measure," UBS' Paul Donovan said. "The surge in demand for consumer durable goods has faded, pushing that sector of the US economy into deflation. However, the balance between goods and services demand may be stabilizing."
Shortly after, the S&P Case Shiller April home price index hits. The consensus is for a 2.6% decline annually.
After the start of trading, the Conference Board's June consumer confidence index is released. The forecast is for a small rise to 1.04.
At the same time May new home sales figures are due. Economists are looking for a drop to an annual rate of 675K.
Among active stocks, Lordstown Motors ( RIDE ) plunged after filing for Chapter 11 .
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Nasdaq futures lead S&P, Dow with a raft of economic data on tap