US pre-open: futures firm, yields ease, oil slides ahead of the Fed
S&P 500 futures and Nasdaq futures are higher, the US 10-year yield is at 4.95, WTI crude is at 100.06, and gold is at 4400.2 in a risk-on pre-open.
Nasdaq futures +1.5757% day, +0.5286% 1hRisk appetite is stronger and growth stocks are leading the pre-open
S&P 500 futures +1.2331% day, +0.4458% 1hLower yields and softer volatility are supporting broad equity futures
US 10-year yield -1.0987% day, -1.1776% 1hThe move lower is easing pressure on rates-sensitive assets
WTI crude -2.3138% day, -0.6356% 1hOil is easing after the recent rally lost steam
Lead: Futures are firm into the US cash open, with S&P 500 futures and Nasdaq futures higher, the ten-year yield at 4.95, and WTI crude at 100.06. Gold is holding at 4400.2.
Session narrative: Broad equities are bid, with SPY at 763.7 and QQQ at 716.16. The VIX is down to 15.46, while TLT is up and the dollar index is slightly lower at 100.13. Dow futures and Russell futures are also higher, though IWM is still down on the day.
Cross-asset check: Lower yields, softer oil, and a weaker dollar are backing the pre-open tone. EUR/USD is at 1.1493 and USD/JPY is at 155.57.
Themes & continuing stories: The Fed decision is the main catalyst. Oil’s pullback is easing inflation pressure, while gold and silver remain firm. BoE and broader rate expectations keep the rates backdrop active.
What’s ahead: Traders are waiting for the Fed decision and any policy guidance that could reset the move in yields, equities, and FX.