US stock futures are again retreating from overnight highs and currently point to a flat open on Wall St. Yesterday a last hour sell-off took the indices into negative territory for the day, but the damage was minimal considering Monday’s sharp rise. Durable goods data disappointed, coming in at 2.2% vs 2.9% expected triggering the slight sell-off before the open today.
As the end of the quarter approaches, always beware of window dressing as fund managers reconfigure equity portfolios. There could be some tradable volatility, but after a great first quarter I would not suggest pressing the issue over these next three days.
Two banks were in the news overnight, Bank of America (BAC) and Goldman Sachs (GS). BAC is reportedly assembling an international advisory board to advise Chief Executive Brian Moynihan. GS has agreed to change its board structure in order to preserve Lloyd Blankfein’s position as Chairman. A union pension fund’s shareholders had made a proposal that would have required Blankfein to relinquish that role. Goldman will appoint a lead director, but Blankfein’s position will not be up to a vote at the firm’s annual meeting.
Disclosure: Scott Redler is long CZR, Short SPY, QQQ.
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