S+P 500 futures indicate more month-end profit taking

With so much focus across the markets on the US election, Fed policy and UK budget, it is easy to forget that today is the final trading day of the month and that could in part explain the downside across the global stock markets this morning, especially in the US and Europe. Also, do not forget we get the latest US monthly jobs report tomorrow afternoon. So, Yesterday the S+P 500 seemed to finally throw in the towel following repeated failures to set a new all time high above that set on October 17, at 5,878.46. The S+P 500 closed last night at 5,813.67 with a loss of 19 points on the day. The impact of the after hours tech reports from Microsoft and Meta (both top 5 S+P components) sent the S+P 500 futures lower after the close. The futures price has fallen back further this morning and of course the month-end could be a major factor in that. It seems investors have for now thrown in the towel ahead of the month-end and the looming US election. Look, as already noted here this morning, it has been a great year for the US stock markets in 2024 and given all this upcoming uncertainty, the downside right now is no surprise whatsoever. The S+P 500 is currently priced to reopen later today, at around 5,769