S&P futures vs fair value: +2.4. Nasdaq futures vs fair value: +1.5.
Early indications still point to a modestly higher start for the cash market; but there is little conviction on the part of buyers as the market is growing accustomed to the liquidity factor that has provided a floor of support for this market for so long. Aside from M&A news contributing to the positive tone, falling oil prices now that the summer driving season is upon us also bode well for the bulls coming back from an extended weekend. Crude for July delivery is down 1.5% near $64.20/bbl as refining capacity comes back online.
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