Business

Futures are looking weak again.

Traders gunned for 2,100 on the S&P 500 last week. They briefly touched that level, but there was no follow through for the obvious reason: no one with a brain believes this rally.

We’ve broken above the downward trendline established by a series of lower highs in 2015. However, there’s a decent space between here and the all-time highs that has yet to be filled. And with momentum waning, it’s quite possible this move was a false breakout.

In truth it’s difficult to find just who is buying stocks right now.

• Trump, Clinton press closer to general election showdown (AP)
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• Trump Says He's `Presumptive Nominee' as Clinton Wins Four (BBG)
• In the battle for Hollywood endorsements - and cash - Clinton rules (Reuters)
• U.S. Oil Rises Above $45 a Barrel for First Time Since November (BBG)
• Spin: Near-Zero Growth Happens Often in Slow-Motion U.S. Economy (BBG)
• Comcast in Discussions to Buy DreamWorks Animation (WSJ)
• Iran's Supreme Leader says U.S. lifted sanctions only on paper (Reuters)

The tide has finally turned on what until recently was every sellside analyst's favorite stock.

For those who thought that the world's biggest company losing over $40 billion in market cap in an instant on disappointing Apple earnings, would have been sufficient to put a dent in US equity futures, we have some disappointing news: with just over 7 hours until the FOMC reveals its April statement, futures are practically unchanged, even though the Nasdaq appears set for an early bruising in the aftermath of what is becoming a disturbing quarter for tech companies. "It’s pretty disappointing,” Angus Nicholson, an analyst at IG Ltd., told Bloomberg.

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Posted with permission and written by Rory Hall, The Daily Coin (CLICK FOR ORIGINAL)