U.S. stock futures lower after three-day break
U.S. stock futures edged lower Tuesday after a three-day break, with Chinese equities wilting on disappointment over the stimulus efforts in the world’s number-two economy.
What’s driving markets Investors were in a cautious mood following the long weekend in honor of the Juneteenth federal holiday, but that’s after a strong run. The S&P 500 gained 2.6% last week, its fifth week in a row of gains, as the tech-heavy Nasdaq Composite took its winning run to eight weeks. “We note that the consensus is right about 80% of the time, which means such shifts in sentiment and positioning can often be right as the collective intelligence of the market knows best. However, given our fundamental view on growth, we find it hard to get on board with the current excitement and narrative supporting it. In other words, if second half growth re-accelerates as expected, then the bullish narrative being used to support equity prices will be proven correct,” he said.
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