The S&P 500 fell 153 points to 3746, or -3.95%, yesterday. Today futures are up 20 points to 3770, or 0.5%.
I don't rule out volatility but the focus today will be on preparing for Wednesday's FOMC decision. The Fed funds futures market is pricing in an 85% chance of a 75 bps hike in a bet the FOMC will want to aggressively attack inflation.
In the bond market, US 2-year yields are up 4 bps while 10-year yields are down 3 bps to 3.34%.
One of the stocks that helping to lift markets is Oracle. Shares of the company are up 12% in the premarket after reporting a “major increase in demand” in its infrastructure cloud business.
