Stock market on pace for flattish start
S&P futures vs fair value: +7.40. Nasdaq futures vs fair value: +24.40. U.S. futures are drifting into the open near record highs with the S&P 500 futures trading seven points, or 0.2%, above fair value. The benchmark index is up 1.4% this week. Coronavirus cases continue to rise, and the U.S. has charged Huawei with racketeering, but the market remains undeterred by the noise. Retail sales for January increased 0.3% as expected and bullish reactions to earnings reports from NVIDIA (NVDA 288.64, +17.86, +6.6%), Expedia Group (EXPE 123.92, +13.31, +12.0%), and Roku (ROKU 150.77, +11.72, +8.4%) have supported sentiment today. The bond market, though, continues to attract buyers. Currently, the 10-yr yield is down three basis points to 1.59%.