Stock Market Update

The stock market is on course for a lower start with futures on the S&P 500 trading 24 points below fair value.

Equity futures were little changed in early morning trade, but they extended their losses after President Trump said that China has violated the preliminary trade agreement, which fueled concerns about the potential for more restrictions on trade with China.

The market received a few economic reports this morning, including a sharp narrowing in the advance reading of the goods trade deficit for April (-$87.6 bln from -$162.3 bln) and a bigger-than-expected increase in April Personal Income (0.8%; Briefing.com consensus 0.3%).

More data will be released after the opening bell with May Chicago PMI (Briefing.com consensus 45.0; prior 44.6) set for a 9:45 ET release, followed by the final May reading of the University of Michigan's Consumer Sentiment Index (Briefing.com consensus 50.8; prior 50.8) at 10:00 ET.

Treasuries are little changed with the 10-yr yield flat at 4.42%.