June index futures have moved down ahead of tomorrow’s FOMC meeting conclusion and anticipated rate increase. Last week’s robust non-farm payrolls report lifted trader’s expectations for a quarter point upward move.
June gold futures are lower, trading near $1,206 (-2), with silver down at $16.93 per ounce. Precious metals have traded weakly during the first two weeks of March, but are eager for additional Trump economic detail and an indication of the Federal Reserve rate schedule for the remainder of year. The June S&P contract is down near 2360 (-11.25 pts.) and the Dow is in the red by 52 points at 20,792. June bond futures are up, at 12229 (+3.5) and 14629 (+17.0) for Notes/Bonds respectively.
Crude oil is dipping into support near $48 ($48.35 currently), as the market weighs rumored Saudi output non-compliance. Supplies world-wide remain at significant levels and US production continues to expand.