It was supposed to be a typical subdued session to start the week, however there was already much excitement as a furious buying program push Europe into the green just before 6am EDT which also sent US index futures into the green
The market continues to gingerly ignore the accelerating currency devaluation in China, where the yuan is headed for a record eight weeks of declines. Italian bond yields spike ahead of an important meeting and payrolls are on deck.
It's been a good year for David Tepper: not only did the 60-year-old Appaloosa hedge fund billionaire win an auction for the Carolina Parnthers, but Tepper is also crushing both his hedge fund competition and the broader market.
With Walmart unofficially set to close Q1 earnings season, all attention will remain glued on the interplay of the rates-dollar-oil trio, and judging by the somber overnight market action, traders are not too excited with the ongoing meltup in all three.
Following yesterday's rate spike-driven market rout, S&P futures have steadied alongside European stocks as global markets stabilized thanks to an easing in the bond selloff, leading to speculation that the worst may be over.
As Asian and European traders return from holiday, sentiment is generally risk on, with Asia mixed and European markets and US equity futures in the green, unafraid that the Fed could throw a curveball later in the day.