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US stock futures pare gains after miserable Philadelphia Fed index-check out the S+P 500

Following on from the previous update noting the pretty bad miss on the latest reading of the Philadelphia Fed index, the US equity futures have all turned a bit lower. The same caveat applies to the US stock markets, as it does to the dollar right now- they will need to see some more encouraging news from the 2pm US data, or the opening levels today might flatter to deceive. In fact that opening is now priced lower following that data a moment ago. The S+P 500 was priced to reopen above 5,240 earlier. It is now priced to reopen lower than that. The only thing in favour of the dollar it seems right now, is the Yen remains weaker and closer to its lowest levels of the day versus its major counterparts. It remains to be been if the US stock market opening will brush aside this latest report. 

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