Stocks are little-changed this morning after a big rally yesterday.
S&P 500 futures are fractionally lower and European indexes are seesawing in a range, though mostly positive. Asia gained in the overnight session, led by a 2 percent move in Tokyo.
The S&P 500 has been pulling back in the last four weeks, consolidating after a blistering seven-month rally drove the index into record territory earlier this year. Yesterday’s 1.5 percent surge was triggered by a strong retail-sales report and lower-than-expected initial jobless claims. Automobile sales were especially robust, showing that Americans have the confidence to spend on big-ticket items.
— Option Monster