U.S. stocks are trading weaker ahead of the opening. The market started to weaken on Tuesday following a drop in consumer confidence. This report seemed to carry more weight than a string of better earnings reports. Equity futures actually reached their highs shortly before the opening and never really got on track, forming a top even before the consumer confidence data was released.
Last night’s high in the September E-mini S&P 500 was at 1115.75 and occurred close to the German stock market opening leading me to believe that Europe may behind this morning’s weakness.
This morning’s U.S. Durable Goods Report was disappointing. The consensus was looking for an increase at 1.0%. The report actually showed a loss of 1.0%. Stocks sold off following the news. This bearish report is likely to set a negative tone for the day.