Stock Futures Fall But Remain in Range

Stocks are down today, reversing yesterday’s gains, and may be settling into a summertime trading range.

S&P 500 futures are off about 0.3 percent, while European indexes are little-changed. Asian markets posted small gains overnight.

The S&P 500 has been shuffling between 1675 and 1709 for almost a month, consolidating above the previous all-time highs from May. Economic data has been increasingly positive during that time, highlighted by strengthening economic reports from the United States, Europe, and now China. At the same time, central bankers have shown little urgency about raising interest rates, increasing the favorable backdrop for equities.

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