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Stock index futures are bouncing between positive and negative territory Wednesday.
Dow (INDU) -0.1% and S&P (SPX) -0.1% futures are slightly lower. Nasdaq 100 futures (NDX:IND) are flat.
Investors looked skeptical of last week’s rally, according to a BofA survey. Clients were net sellers of equities, with only defensive sectors Utilities and Consumer Staples seeing inflows.
Rates are ticking lower. The 10-year Treasury yield is down 4 basis points to 3.17% and the 2-year is down 2 basis points to 3.10%.
The final measure of Q1 GDP arrives before the bell, but it’s rarely market moving.
“Consumer spending is robust, supported by increased credit and a reduced savings rate,” UBS chief economist Paul Donovan wrote. “The core PCE deflator is part of this data, but the US Federal Reserve seems to have cast this aside as an inflation measure.”
In the crypto space, Bitcoin is battling the $20K level again.