Stock Market Update

The stock market is poised for a slightly lower opening, with the S&P 500 futures currently trading three points below fair value. 

Yesterday's underperformance was tied to weakness in the mega-cap names, fueling ongoing concerns about stretched valuations. 

The market is digesting a batch of large retailers' earnings reports with mixed reactions. Lowe's (LOW 263.25 +6.89, +2.7%) impressed and trades higher in the pre-market, while Target (TGT 94.12, -11.24, -10.7%) disappointed. 

Fed Chair Powell's Friday address at Jackson Hole continues to be the most anticipated event of the week, though today's release of the July FOMC minutes could show if any other members were close to joining Fed Governors Waller and Bowman in their push for a rate cut.