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Dow Jones futures edging back to black

The impact of the US PCE report this afternoon has gradually filtered through the markets and it is now delivering a dovish slant to the interest rate outlook. There was nothing in that PCE data to put the bond bulls off trend really and certainly nothing concern any doves on the FOMC. That all adds up to higher bond yields this afternoon, although at this stage not markedly so. Perhaps the relief for the stock markets; is the data was benign and as such offers little excuse for the bears to jump out of the woods and quash the upside again. Now that is not to say these US markets will not suffer another sell-off later, ahead of the Christmas weekend, but more to note; there was nothing in the PCE data to warrant that. So, the Dow Jones futures are still in the red now, but higher than earlier. The index closed last night at 37,404 and was priced to open as low as 37,250 earlier today. It is currently priced to reopen at around 37,355 

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