2023-05-08 06:09:38 ET
Stock index futures pointed to a mixed opening Monday after a down week for the broader market.
S&P futures ( SPX ) +0.1% , Dow futures ( INDU ) +0.2% and Nasdaq 100 futures (NDX.IND) -0.1% were little changed.
Rates were up slightly. The 10-year Treasury yield ( US10Y ) rose 1 basis point to 3.46%. The 2-year yield ( US2Y ) rose 3 basis points to 3.95%.
Focus today will be on a oft-ignored report, the Fed's Q1 Senior Loan Officer Opinion Survey (or SLOOS) after Jerome Powell mentioned tightening credit a number of times in his presser last week (listen to the Wall Street Breakfast Catalyst Watch podcast or read the transcript for more on why SLOOS is suddenly a big deal .)
The SPDR Regional Bank ETF ( KRE ) rose 2% in premarket trading, while the Invesco KBW Regional Bank ETF ( KBWR ) was flat.
The KRE may be bouncing into a breakdown, BTIG's Jonathan Krinsky said. A re-test of $41 would makes sense, "but beyond that we likely need to see some bigger forces at play."
"How these regional banks realign their business models will havea major bearing on overall credit formation in the economy and thus on the markets," Morgan Stanley's Vishwanath Tirupattur said. "The recent Beige Book, which provides an advance look at the SLOOS, reports a reduction in the supply of bank credit. This suggests that on top of the tightening in lending that was already under way, the volatility in the regional banking sector has had the effect of incrementally tightening credit."
After the start of trading, March wholesale inventories arrive. Economists expect a 0.1% rise.
Among active stocks Berkshire Hathaway ( BRK.B ) ( BRK.A ) was higher after its earnings and annual meeting .
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S&P, Dow, Nasdaq futures cautious to kick off the week