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Current Futures: Dow -21.00, S&P -3.00, NASDAQ +6.00

S&P futures are trading slightly below the crucial level of 955.00, trying to gain the necessary momentum to move higher. If the market can pull off the move, the S&P futures will reach the highest valuation since early November 2008. 

During the European session, the S&P futures, together the with German Dax and the U.K. FTSE moved lower at a sustainable pace, falling as much as 1%. However, investors’ sentiment turned around swiftly during the early U.S. trading hours, something that helped the S&P futures test the same 955.00 area. Over the medium term, the market’s outlook lies to the upside, as long as the upcoming earnings results beat analysts’ projections, TheLFB-Forex.com Trade Team said. 

By the middle of the cash session, the major U.S. sectors were trading mixed. None of the 10 sectors moved more than 1% so far, suggesting that the market still lacks a general direction. The financial sector, which had been the star of the market after GS’s better than expected results, gained only 0.30%, as it seems that the banking sector is starting to suffer large losses from commercial properties. Today, Morgan Stanley reported a $159 million loss in Q2, almost three times more than the estimated number, from which $700 was caused from losses in the commercial real estate sector, following a $1 billion loss reported throughout the previous quarter. 

The Dow Jones Index declined 8.31 points (0.09%) to 8,907.63, while the S&P 500 index added 1.43 points (0.15%) to 952.01

Treasuries declined, as the Treasury is preparing once again to sell huge amounts of debt. Yield on the 10-year note gained 0.48 basis points to 3.535%.

Crude oil for August delivery was recently trading at $65.30 per barrel, up by $0.40. 

Gold for August delivery was recently trading higher by $2.10 to $950.80. 

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