Michigan

Today is quad-witching opex Friday, and according to JPM, some $1.3 trillion in S&P future will expire. Traditionally quad days are associated with a rise in volatility and a surge in volumes although in light of recent vol trends and overnight markets, today may be the most boring quad-witching in recent history: global stocks have again rebounded from yesterday's tech-driven losses as European shares rose 0.6%, wiping out the week's losses.

S&P futures were fractionally lower from yesterday's record high as European stocks declined and Asian stocks were mixed, pressured by yesterday's 5% plunge in crude after OPEC unexpectedly "failed to surprise" markets, and announced the bare minimum supply cut extension that was expected by oil traders, who in turn puked long positions.

Despite yesterday's whopping beats by Amazon and Google which sent the Nasdaq to new record highs after hours, and brought Jeff Bezos "this close" to overtaking Bill Gates as the world's richest man, this morning futures S&P futures are little changed ahead of the closely watched Q1 GDP report, European stocks and Asian equities are slightly lower, oil is higher after Russia's energy minister Novak said Russia had reached the 300kbpd oil cut per the OPEC pact, and the dollar was modestly in the red.

S&P futures extended their Wednesday decline, dropping in the overnight session with banking shares in focus ahead of results from JPMorgan and Citigroup. European stocks likewise retreated along with the dollar, while Asian shares were mixed.

With volume starting to fade ahead of Friday's holiday, and geopolitical concerns growing as a US aircraft carrier approaches North Korean, S&P futures pointed to a slightly lower open, in line with stock markets in Europe and Asia. Safe havens such as gold and treasuries strengthened along with Japanese yen, which erased all of yesterday's losses and neared its 110 support on investor caution about global security risks and the future of U.S. interest rates after Yellen's Monday speech failed to provide clarity.