Nasdaq, S&P, Dow Jones futures drift with durable goods on tap

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Stock index futures are down slightly Wednesday as the market looks likely to extend the sideways trading of the previous session.

Nasdaq 100 future (NDX:IND), S&P futures (SPX) and Dow futures (INDU) are down 0.2%.

After the S&P was rebuffed at the 200-day moving average resistance, the focus of the recent dip is on the the 100-day and 50-day MAs at 4090 and 3969, BofA says.

Rates are similarly steady with the start of Jackson Hole just a day away. The 10-year Treasury yield (US10Y) is flat at 3.05% and the 2-year yield (US2Y) is up 1 basis point to 3.32%.

“Within the world of DM rates, it is fair to say that no bond is in favor at the moment. The rise in yields has been broad-based, and accompanied by a toxic rise in both implied volatility, and of market-based inflation expectations,” ING said. “The former suggest an eroding of government bonds’ safe-haven status, the latter show the return to persistent inflation concerns.”

July durable goods numbers arrive before the start of trading, with expectations for smaller gains than June. Economists predict a 0.6% rise, with a 0.2% gain in core goods orders.

Pending home sales figures for July are due after the start of trading. The forecast is for a 4% decline.

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