S&P 500 futures are down 0.9 percent, matching declines in Europe. Japan was the biggest mover in Asia overnight, plunging 3 percent as the Nikkei resumed trading after a three-day holiday.
The S&P 500 fell sharply in late August, rebounded through last Thursday, and is now rolling over again. The move comes amid weakening economic news and follows a dovish statement by the Federal Reserve that undermined confidence, drove money to bonds, and reduced banks' earnings power.
That will keep attention on Fed Chair Janet Yellen, who's scheduled to speak at 5 p.m. ET. Today's agenda also brings durable-goods orders and initial jobless claims at 8:30 a.m. ET and new-home sales at 10 a.m. ET.
In company-specific news today, Accenture may rise after earnings and revenue beat expectations. KB Home reports later this morning, followed in the afternoon by Nike, Bed Bath & Beyond, and Jabil Circuit.
Assets benefiting from lower interest rates, especially real-estate investment trusts, utilities, and precious metals, have fared best in the last two weeks on optionMONSTER's researchLAB market scanner. Video-game makers have also been strong, while materials have struggled. Biotechnology, once the strongest major group, has also turned more bearish recently.
There's been an increased correlation between assets, with stocks tracking the U.S. dollar/Japanese yen currency pair and moving inversely to Treasuries. Most of the big moves have also occurred during European hours , before the U.S. market opens.
Oil is down slightly following a sharp bearish reversal yesterday. Copper and silver also edged lower, but gold is fractionally higher. The U.S. dollar fell against both the euro and yen, while bonds rose--all indications that investors expect more dovish comments by Yellen tonight. The Australian dollar, which tracks commodities and sentiment toward China, remained under heavy pressure.
