Sometimes the futures market exaggerates market moves before the cash market opens. It is still just two minutes into cash trade, but the market is even weaker than the futures indicated.
Oil is on the defensive after yesterday’s big rally, down $1.45, shedding some of yesterday’s solid gains. Risk appetites look like they will remain in check headed into the weekend. The focus will quickly turn toward the World Cup, in about 30 minutes from now.
The S&P trades 0.8% lower in early trade.