S&P 500 futures down ~0.6%
The SoftBank whale could have been what propped up stocks yesterday, but some parts of the market i.e. FX did not quite agree with said sentiment. Typically, you’d expect the bond market to be the decider but the Treasuries cash market was closed yesterday.
Today, we’re seeing yields retreat with 10-year Treasury yields down 2.3 bps to 0.75% currently and that is coinciding with a move lower in stocks on the session as well.
S&P 500 futures are down to a session low, falling by ~0.6%, and the moves are leading the dollar slightly higher to get European trading underway.
Elsewhere, European equities are also marked lower now with the DAX down by 0.5%.
I would argue that the market is now only sorting itself out as yesterday’s “bright” start may be a bit of a false positive given the conditions above.