Trading was expected to be somewhat thinned by the Columbus and Indigenous People's Day holiday, which closed the Treasury market.
U.S. stock futures pointed to a fourth day of declines on Monday as worries about Fed rate rises persisted.
What’s driving markets U.S. stocks were in line for a fourth consecutive session of losses as concerns about additional interest rate rises by the Federal Reserve continued to dampen sentiment. The 5-day round trip saw an average move for the S&P 500 of 1.9%. Little surprise then that the CBOE Vix index VIX , a gauge of expected S&P 500 volatility, sat on Monday at 31.4, more than 50% above its long term average of 20.
“The total stock allocation is still 63.4%. The spread between the stock allocation and % bulls is ~36%. This compares to -7% at the 2002 lows and ~3% at the 2009 lows,” Krinsky wrote in a note to clients.
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