Boxed into a corner

Briefing.com Summary:

*Mega-caps hold firm, keeping futures afloat amid mixed earnings responses.

*A big week of economic data awaits next week.

*Market trying to navigate some buyer exhaustion.

The stock market yesterday didn’t necessarily live up to the bullish expectations embedded in the equity futures market ahead of the open. Yes, the indices opened higher, but no, they did not stay on higher ground, except the Nasdaq, which staged a late push to end the session higher.

The losses for the other indices were modest. That wasn’t the point that registered, however. The point that registered for many was that the early gains couldn’t be maintained, as it appeared that there was some buying exhaustion.

Well, buyers got some rest overnight and are trying to command today’s early action, albeit in a relatively groggy manner.

Currently, the S&P 500 futures are up 13 points and are trading 0.2% above fair value, the Nasdaq 100 futures are up 37 points and are trading 0.2% above fair value, and the Dow Jones Industrial Average futures are up 64 points and are trading 0.2% above fair value.

There hasn’t been any shortage of earnings news to prompt a call to action. Over 100 companies have reported their quarterly results since yesterday’s close. One issue, though, is that there aren’t any real “heavyweights” in that grouping to move the market.

It is a compilation of mostly lightweights and middleweights, which has boxed the market into a corner somewhat given the mixed responses to those reports. You have big gainers like JFrog (FROG), Expedia (EXPE), and Maplebear (CART)—up 16%, 15%, and 10%, respectively– and big losers like The Trade Desk (TTD), Sweetgreen (SG), and Pinterest (PINS)— down 33%, 29%, and 12%, respectively.

NVIDIA (NVDA), Apple (AAPL), and a few other mega-cap stocks, though, are up modestly in pre-market action, and that is the key underpinning force for the equity futures market.

There aren’t any key economic releases today to stir things up, so this will be a session where the stock market is largely left to its own devices to produce a rebound effort or for buyers to go back to sleep after the open and rest up for a big economic week next week that features the release of the July CPI, PPI, and Retail Sales reports.

The 2-yr note yield is up two basis points to 3.75%, and the 10-yr note yield is up three basis points to 4.27%, with nary a safe-haven bid following reports that Israel is planning to take control of Gaza City. 

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Originally Posted August 8, 2025 – Boxed into a corner