Stocks eye positive open as Treasury yields continue to dip
S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +16.00. The stock market is indicated to open slightly higher a day after the S&P 500 notched its first record highs since early May. Currently, the S&P 500 futures trade ten points, or 0.2%, above fair value. The 10-yr yield, which is currently down one basis point to 1.45%, briefly dipped to 1.43% overnight in a continuation of its recent downtrend. The Treasury market has been signaling not only peak inflation rate expectations but also peak growth rate expectations. In theory, these lower rates should continue to provide support for the rate-sensitive growth stocks. We'll see what happens after the open.