Stocks indicated for positive open
S&P futures vs fair value: +10.60. Nasdaq futures vs fair value: +109.10. The stock market looked asleep over the prior two days, given the narrow trading ranges, but today it's showing a little more life. The S&P 500 futures trade 11 points, or 0.3%, above fair value. The Nasdaq 100 futures trade 0.8% above fair value. The Russell 2000 futures are up 0.6%. Relative strength in the heavily-weighted growth stocks and mega-caps like Apple (AAPL 128.78, +0.88, +0.7%) and Microsoft (MSFT 251.99, +2.09, +0.8%) are largely responsible for the positive bias. Subdued interest rates and rebalancing activity appear to be positive factors. Small-caps are bouncing back modestly from yesterday's decline. We'll see what happens after the open, but for now that's the indication. Later today at 12:00 p.m. ET, Fed Chair Powell will participate in a discussion about the global economy at a virtual event hosted by the International Monetary Fund.