Briefing.com Summary:
*Market participants are waiting on key events happening after today’s open.
*President Trump speaks to the UN at 9:50 a.m. ET, and Fed Chair Powell speaks at 12:35 p.m. about the economic outlook.
*Boeing is on the move amid reports of new orders from Uzbekistan and possibly a large order from Turkey.
There isn’t a lot of conviction in the pre-market trade, likely because most of the items that might drive some investor conviction will be divulged after the market opens.
That includes the preliminary September S&P Global US Manufacturing and Services PMI readings at 9:45 a.m. ET, President Trump’s speech to the UN at 9:50 a.m. ET, Fed Chair Powell’s speech on the economic outlook at 12:35 p.m. ET, and the $69 billion 2-yr note auction results at 1:00 p.m. ET.
Preliminary manufacturing PMI readings for the eurozone, Germany, France, and the UK were all in the sub-50 contraction zone and weaker than the prior month. Services PMI readings for the eurozone and Germany, however, were above 50.0 and reflected an acceleration in activity from the prior month.
Currently, the S&P 500 futures are down two points and are trading in line with fair value, the Nasdaq 100 futures are up four points and are trading in line with fair value, and the Dow Jones Industrial Average futures are up 46 points and are trading 0.1% above fair value.
Boeing (BA) is providing some extra lift for the Dow Jones Industrial Average futures. It is up 2.4% following a Bloomberg report that Turkey plans to purchase hundreds of Boeing planes and Lockheed Martin (LMT) fighter jets. Separately, President Trump said Uzbekistan will buy 22 Boeing 787 Dreamliners.
There isn’t much other corporate news of note, except perhaps the disappointing earnings results out of AutoZone (AZO) that have its stock down 2.9% in pre-market trading. At this time tomorrow, there will be plenty of chatter regarding the earnings results from Micron (MU), which will be released after the close today.
For now, there is a wait-and-see vibe in the stock market that is also present in the Treasury market.
The 2-yr note yield is unchanged at 3.60%, and the 10-yr note yield is unchanged at 4.14%, having taken an agnostic look at the Q2 Current Account Deficit, which narrowed sharply to $251.3 billion from an upwardly revised $439.8 billion (from -$450.2 billion) in Q1. For good measure, the U.S. Dollar Index is flat at 97.39.
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Originally Posted September 23, 2025 – Trading with a wait-and-see vibe
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