Pre market futures activity reflects caution in

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Pre market futures activity reflects caution in financials, despite broad index gains. Bank stocks slightly underperform futures average, as traders monitor Federal Reserve commentary scheduled later today. The last government shutdown came over the holidays in December 2018 to January 2019, in a dispute over funding for the border wall then-President Trump demanded. This shutdown lasted 35 days, and was so far the longest in American history. Prior to this, a 16-day shutdown in 2013 pivoted on the unwillingness to fund ACA under President Obama. The only material government shutdown prior to this came in two parts between November 1995 and January 1996, where a Republican-led Congress challenged then-President Bill Clinton over budget funding issues. Chicken-producing giant Tyson Foods TSN posted fiscal Q2 results ahead of today’s opening bell, posting mixed results. Earnings of 92 cent per share outpaced the Zacks consensus of 85 cents, although in-line revenues with the year-ago quarter, $13.07 billion, missed estimates by -0.18%. The company reaffirmed its earnings outlook, but shares are down -2% in today’s early trading. For more on TSN’s earnings, click here. Check out the updated Zacks Earnings Calendar here. Midwestern engine maker Cummins Inc. CMI posted a strong Q1 earnings numbers this morning: $5.96 per share far surpassed the $4.82 consensus, by more than +23%. Revenues were slightly ahead of expectations: $8.17 billion versus $8.07 billion anticipated. The company withdrew future earnings guidance based on still-unforeseen tariff implications, and the stock is flat this morning, despite the big earnings beat. For more on CMI’s earnings, click here. Early morning data shows S&P 500 pre market futures trading near 5,190, supported by strong consumer confidence index readings. The correlation between futures moves and macro data releases remains tight this week, especially in rate-sensitive sectors.

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